Ping Corporation paid $364,000 cash for 70% of the outstanding common stock of Spring Company on January 1, 2023. There was no control premium and the fair value of the noncontrolling interest was $156,000 on January 1, 2023. Differences between book value and fair value of the net identifiable assets of Spring Company on January 1, 2023, were limited to the following: Inventories Building (net) Book value $ 20,000 180,000 Fair value $ 31,000 175,000 equired: O Prepare the working paper elimination entries E and R (in journal entry format) for Ping Corporation and subsidiary on January 1, 2023. _) Complete the following working paper: orking paper for consolidated balance sheet on date of business combination, January 1, 2023 Adjustments & Eliminations Credits Consolidated Dr (Cr) Ping Dr (Cr) Spring Dr (Cr) Debits Cash 50,000 30,000 Inventories 140,000 20,000 Investment in Spring 364,000 Building (net) 430,000 180,000 Accounts payable (300,000) (110,000) Common stock (180,000) (27,000) Add. paid-in capital Retained earnings (374,000) (33,000) (130,000) (60,000) Total 0 0