P Corporation acquired all the voting stock of Company for $500,000 on January 1, 2019 when Shad Capital Stock of $300,000 and Retained Earnings of $150,000. The book value of assets and liabilities 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 inventory its fair value is 30,000 and fully sold to third 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 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 Sales Income from S Cost of sales Other expenses Net income P 500,000 ?? (350,000) (100,000) ?? (200,000) (60,000) 140,000 300,000 ?? 0 ?? 150,000 140,000 (70,000) 220,000 0 retained earnings 1/1 Net income Dividends Retained earnings 31/12 Balance sheet Inventory Other current assets Plant assets-net Investment in Scompany Total assets Liabilities.&equity A/P Capital stock Retained earnings Total liabilities &equity 25,000 300,000 425,000 210,000 200,000 ?? 975,000 75,000 290,000 200,000 ?? 975,000 230,000 300,000 220,000 750,000