Use the following to answer the three questions below On June 1,2021, P Company acquired 80% of the outstanding common stock of s Company for 53.150,000 cash in a purchase transaction. Any difference between the value implied by the purchase price of the investment and the book value of net assets acquired relates to subsidiary land. The book values of S Company's other assets and liabilities are equal to their fair values. Balance sheets for P Company and Company immediately before the stock acquisition were as follows s Company Company Cash Receivables Inventory PPE (net) 3.600.000 1.200.000 1.260.000 420.000 4.140.000 1.380,000 9.000.000 3.000.000 18,000,000 6,000,000 7.200.000 2.400.000 2.520.000 840,000 Liabilities Common Stock ($20 par value) Other Contributed Capital Retained Eamings 1.800,000 600.000 6.480.000 2.160,000 18,000,000 6,000,000 The working paper elimination entry should include: A Debit to Common Stock $840,000 and a Credit to Liability $2,400,000 A Debit to Common Stock $840,000 and a O Credit to Other Contributed Capital $600,000 A Debit to Common Stock $840,000 and a credit to Investment in S Equity $3,150,000 O None of the above The working paper elimination entry should be completed with: * A $337,500 debit to Difference between O Implied Value and Book Value and a $787,500 credit to NCI O A $337,500 debit to Goodwill and a $787,500 credit to NCI O A $787,500 debit to Land and a $337,500 credit to NCI O None of the above The consolidated balance sheet for P and S Companies on the date of acquisition will include: * O Investment in S company $-0- O Cash $4,800,000 Common Stock $3,360,000 O None of the above