Zigma purchased 100% of Standard for $400K on January 1^st 2XX1.The information below is from the December 31, 2XX1 accounts.At the time of purchase all FMV of all assets and liabilities equal book value, except for the following

DescriptionBook ValueFair Value

Building $100,000$150,00010 Year Life

Inventory10,00030,0002 month life

Land5,00095,000

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

Il Income Statement Sales Other Expenses Depreciation Income from Standard Net Income NCI Net Income Cl Net Income Statement of Retained Earnings Beginning RE Net Income Less Dividends Declared Ending Retained Earnings Balance Sheet Current Assets Depreicable Assets Accumulated Depreciation Investment in Standard Land Goodwill Total Assets Current Liabilities Long Term Liabilities Common Stock Retained Earnings Total Liabilities and Equity Eliminations Zigma Standard Debit Credit Consolidation 200,000 370,000 (90,000) (67,000) (30,000) (20,000) 258,000 338,000 283,000 175,000 150,000 338,000 283,000 (32,000) (30,000) 481,000 403,000 193,000 185,000 200,000 473,000 (120,000) (105,000) 628,000 105,000 5,000 1,006,000 558,000 50,000 55,000 375,000 50,000 100,000 50,000 481,000 403,000 1,006,000 558,000