Phoenix and Green Consolidated Worksheet.xlsx On May 31, 2021, Phoenix Corporation paid $500,000 for 100% of the outstanding common stock of Green Company, which became a subsidiary. Differences between current fair values and carrying amounts of identifiable net assets of Green Company on May 31, 2021, were limited to the following: Inventories Plant assets (net) Long Term Debt Carrying Amounts $120,000 $140,000 $50,000 Fair Values $150,000 $250,000 $40,000 Differences $30,000 $110,000 $10,000 At May 31, 2021 the following financial information is available for consolidation: Phoenix Green Inventories $180,000 Other Current Assets $60,000 Investment in Green Company $500,000 Plant Assets $460,000 Total Assets $1,200,000 Current Liabilities $240,000 Long Term Debt $260,000 Common Stock $200,000 $120,000 $40,000 $0 $140,000 $300,000 $130,000 $50,000 $40,000 Additional Paid in Capital Retained Earnings Total Liabilities and Equity $200,000 $300,000 $1,200,00 $20,000 $60,000 $300,00 Complete the following working paper for consolidated balance sheet of Phoenix Corporation and subsidiary after preparing working paper elimination in journal entry format. Use the acquisition method. Working Paper for Consolidated Balance Sheet, May 31, 2021 Eliminations Phoenix Green Increase Consolidated Assets Corporation Company (Decrease) Balances Inventories 180,000 120,000 Other current assets 60,000 40,000 Investment in Green Company common stock 500,000 Plant assets (net) 460,000 140,000 Goodwill 0 Total assets 1,200,000 300,000 Liabilities & Stockholders' Equity Current liabilities 240,000 130,000 Long-term debt 260,000 50,000 Common stock, $1 par 200,000 40,000 Additional paid-in capital 200,000 20,000 Retained earnings 300,000 | 60,000 Total liabilities & stockholders' equity 1,200,000 300,000 You need to show your calculation of GW, provide the journal entries, and provide the working paper elimination before you complete the worksheet