Question 33-36 are related, it has broken into 4 questions as 33.34 35 and 36 due to the Blackboard format requirements. But 33-36 is one question, please answer them all On January 1, 2016, Phoenix Company acquired 80% of the outstanding capital stock of Skyler Company for $570.000. On the one the capital stock of Skyler Company was $150,000 and its retained earnings were $450,000 On the date of acquisition, the assets of Skyler Company had the following values: Fair Market Book Value Value $ 90,000 $165.000 150,000 180,000 Inventories Plant and equipment All other assets and liabilities had book values approximately equal to their respective fair market values. The plant and equipment had a remaining useful life of 10 years from January 1, 2016, and Skyler Company uses the FIFO inventory cost flow assumption Skyler Company earned $180.000 in 2016 and paid dividends in that year of 590.000 Phoenix Company uses the complete equity method to account for its investment in Scomparvy. Required: Prepare the balance sheet elimination entries as of December 31, 2016