Zigma purchased $100\%$ of Standard for $$525K$ on January $1^{st}2xx1.$ The information below is from the December $31,2x1$ accounts. At the time of purchase all FMV of all assets and liabilities equal book value, except for the following.

$\backslash$table$[[$Description$,$Book Value,Fair Value,$],[$Building$,$$$100,000,$$$175,000,10$ Year Life$],[$Inventory$,10,000,20,000,22-$month life$],[$Land$,15,000,50,000,]]$

Any excess from the purchase price will be allocated to goodwill. Requirement: Prepare the appropriate elimination journal entries and complete the worksheet