Zigma purchased 100% of Standard for $525K 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.

Description Book Value Fair Value

Building $100,000 $175,000 10 Year Life

Inventory 10,000 20,000 2-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--including ALL Other Elimination Journal Entries--and complete the worksheet. FILL OUT ALL THE ELIMINATION ENTRIES IN THE TABLE PROVIDED BELOW!!

			Eliminations
	Zigma	Standard	Debit	Credit	Consolidation
Income Statement
Sales	200,000	470,000
Other Expenses	(90,000)	(67,000)
Depreciation	(30,000)	(30,000)
Income from Standard	355,500
Net Income	435,500	373,000
Statement of Retained Earnings
Beginning RE	175,000	150,000
Net Income	435,500	373,000
Less Dividends Declared	(32,000)	(30,000)
Ending Retained Earnings	578,500	493,000
Balance Sheet
Current Assets	68,000	315,000
Depreicable Assets	200,000	473,000
Accumulated Depreciation	(120,000)	(105,000)
Investment in Standard	850,500
Land	105,000	15,000
Goodwill
Total Assets	1,103,500	698,000