Q11. P16-7:- Elimination entries and consolidated balance sheet (LO 16-5) The following are the balance sheets for Plate and Salad immediately prior to Plate's September 1,2017 , acquisition of Salad: Consider the following cases Case 1 Plate buys 100% of Salad's common stock for $180,000 cash. The fair value of Salad's assets and liabilities equal their book value. Case 2 Plate buys 100% of Salad's common stock for $210,000 cash. The fair value of Salad's land is $20,000 and of its buildings and equipment is $110,000. All other fair values equal book values. Case 3 (P16-8) Assume that Plate buys 80% of Salad's common stock for $180,000cash. The fair value of Salad's land is $20,000, the fair value of Salad's buildings and equipment is $110,000, and all other fair values equal book values. Required: 1. Prepare the September 1, 2017, journal entry on Plate's books to record the acquisition of Salad. 2. Prepare the elimination entries needed to prepare a consolidated balance sheet immediately after the acquisition