Palestine Corporation purchased 100% of South Africa Company paying $200,000 cash. At the date of acquisition, the Balance Sheet of South Africa had $60,000 listed for Common Stock and $40,000 for Retained Earnings. At the date of acquisition, the book value of the net assets equaled the fair value of the net assets, and South Africa had an Accounts Payable of $10,000 owed to Palestine. Palestine would need to make which Elimination/Consolidation Entry at the date of acquisition in order to prepare consolidated financial statements. Pick 1:

Debit Accounts Receivable for $10,000, and Credit Accounts Payable for $10,000.

Debit Accounts Payable for $10,000, and Credit Accounts Receivable for $10,000.

Debit Cash for $10,000, and Credit Accounts Receivable for $10,000.

Debit Accounts Receivable for $10,000, and Credit Investment in South Africa for $10,000.