P Corporation acquired all the voting stock of Company for $500,000 on January 1, 2019when Shad Capital Stock of $300,000 and Retained Earnings of $150,000. The book value of S assets and babilities were equal to the fair value except for the plant assets. Its fair value less than its book value by $ 20,000 plant assets fully depreciated on a straight line basis over a 10-year period. And wwentory its fair value is 30,000 and fully sold to thurd party during the year the financial statements for two companies for the year ended 2019 as follow Required 1 - Record the elimination entry in 31/12/2019 2-prepare the consolidation working papers for the year ended December 31, 2019 S 400,000 500,000 ?? Sales income from S Cost of sales Other expenses Net income (350,000) (100,000) ?? (200,000) (60,000) 140,000 300,000 ?? 0 150,000 140,000 (70,000) 220,000 retained earnings 1/1 Net income Dividends Retained earnings 31/12 Balance sheet Inventory Other current assets Piant assets-net Investment in Scompany Total assets Utilities &equity 0 210,000 200.000 25,000 300,000 425,000 975,000 75,000 Capital Stock 290,000 200,000 ?? 975,000 230,000 300,000 220,000 750.000 Totabilities & equity ()