1. Patrio Corporation acquired 100 percent of Aloe Corporations common stock on December 31, 2019, for $280,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

Item	Patrio	Aloe
	Corporation	Corporation
Cash	$55,000	$48,000
Accounts Receivable	83,000	110,000
Inventory	310,000	167,000
Property & Plant (net)	200,000	105,000
Investment in Aloe Corporation Stock	280,000
Total Assets	$928,000	$430,000
Accounts Payable	$109,000	$43,000
Notes Payable	235,000	90,000
Common Stock	300,000	102,000
Retained Earnings	284,000	195,000
Total Liabilities & Stockholders Equity	$928,000	$430,000

At the date of the business combination, Aloes net assets and liabilities approximated fair value except for inventory, which had a fair value of $155,000, and Property & Plant (net), which had a fair value of $165,000.

Give the elimination entry or entries and prepare a consolidation balance sheet worksheet immediately following the business combination.