The following is some additional information regarding Samsung and Nokia transactions:

1) There was a sale of the building from Nokia to Samsung on July 1, 2014 with a profit of $ 60,000 and a remaining useful life of 6 years. Samsung still uses the building for its operational activities.

2) Samsung sold the machine to Nokia on October 1, 2017 with a gain of $ 50,000 and a remaining 10-year useful life. Samsung is still using the machine for its production activities.

3) Nokia buys a Samsung 10% bond with a par value of 100,000 for 112,000 on December 31, 2017. Interest is paid every December 30 and July 1, and the bonds will mature on December 31, 2023.

Requested:

1. Make a necessary elimination and adjustment journal!

2. Complete the consolidated working papers for Samsung and Nokia as of December 31, 2017!

Samsung acquired 90% ownership of Nokia on January 2, 2011, where the fair value of Nokia's assets and liabilities at that time was the same as the book value, so there was no excess in investment costs. The following are Samsung and Nokia's financial statements as of December 31, 2017: Samsung Nokia 720.000 (350.000) Combined Income and RE Statement for year ended December 31, 2017 Sales Gain on machine Income from Nokia Cost of goods sold Interest expense Other expenses Ner income (+) Retained earnings, January (-) Dividends Retained earnings, December 31 900.000 50.000 128.250 (300.000) (20.000) (105.000) 653.250 800.000 (300.000) 1.153.250 (1 70.000) 200.000 100.000 (50.000) 250.000 121.000 42.000 180.000 1.760.000 870.000 325.000 310.000 1.114.000 411.750 520.000 Balance Sheet at December 31, 2017 Cash Account receivable Inventories Machine-nel Building-nel Investment in Nokia Investment in Samsung Bonds Total assets Accounts payable 10% bonds payable Common stock Retained earnings Total equities 112.000 975.000 425.000 4.790.750 1.437.500 200.000 2.000.000 1.153.250 4.790.750 300.000 250.000 975.000