SECOND SECTION: OPTIONAL QUESTIONS Please answer THREE ( 3 out of 5) questions only: Question Two: (12 Points) (B1, C1, and C2) On September 30, 2017, AL Manama Corporation paid $550,000 to acquire 72% of the outstanding common stock of Ahlia Company which became a subsidiary. Differences between current fair values and carrying amounts of identifiable net assets of Ahlia Company on September 30 , 2017, were limited to the following: Instructions: 1. Prepare the journal entry to record the investment in September 30, 2017 (2 Points) 2. Complete the following working paper for consolidated balance sheet of AL Manama Corporation and subsidiary. (6 Points) 3. Prepare working paper elimination in journal entry format on September 30, 2017. (4 Points) Answer: 1. Prepare the journal entry to record the investment in September 30, 2017 (2 Points) 2. Complete the following working paper for consolidated balance shect of AL Manama Corporation and subsidiary. (6 Points) 3. Prepare working paper elimination in journal entry format on September 30,2017. (4 Points)