P Inc and S Inc had the following balance sheets on October 31, 2019:

	P Inc	S Inc	S Inc
	(carrying value)	(carrying value)	(fair value)
Cash	$300,000	$ 80,000	$ 80,000
Accounts Receivable	$ 60,000	$ 24,000	$ 24,000
Inventory	$ 30,000	$ 54,000	$ 50,000
Plant and Equipment (net)	$310,000	$280,000	$300,000
Trademark		$ 12,000	$ 16,000
Total Assets	$700,000	$450,000
Accounts Payable	$150,000	$200,000	$200,000
Bonds Payable	$400,000	$120,000	$100,000
Common Shares	$100,000	$ 60,000
Retained Earnings	$ 50,000	$ 70,000
Total Liabilities and Equity	$700,000	$450,000

Assuming that P purchases 100% of S for a consideration of $100,000 on September 1, 2019, and accounts for its investment using the cost method, prepare (under the Fair Value Enterprise Method): Required: a) the elimination entry necessary to produce consolidated balance sheet on the acquisition date.