P4-28 Consolidated Balance Sheet Thompson Company spent $240,000 to acquire all of Lake Corporation's stock on January 1, 20X2. The balance sheets of the two companies on December 31, 20X3, showed the following amounts: Cash Accounts Receivable Land Buildings & Equipment Less: Accumulated Depreciation Investment in Lake Corporation Lake Corporation $ 20,000 40,000 50,000 350,000 (75,000) Thompson Company $ 30,000 100,000 60,000 500,000 (230,000) 252,000 $712,000 $ 80,000 40,000 100,000 200,000 292,000 $712,000 Accounts Payable Taxes Payable Notes Payable Common Stock Retained Earnings $385,000 $ 10,000 70,000 85,000 100,000 120,000 $385,000 Lake reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Assume Lake's accumulated depreciation on the acquisition date was $25,000. Required a. Give the appropriate elimination entry or entries needed to prepare a consolidated balance sheet as of December 31, 20X3. b. Prepare a consolidated balance sheet worksheet as of December 31, 20X3