Prepare in general journal form the workpaper entries to eliminate Prancer Companys investment in Saltez Company in

Prepare in general journal form the workpaper entries to eliminate Prancer Company’s investment in Saltez Company in the preparation of a consolidated balance sheet at the date of acquisition for each of the following independent cases:

Any difference between book value of net assets and the value implied by the purchase price relates to subsidiary property plant and equipment except for case (c). In case (c) assume that all book values and fair values are thesame.

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Saltez Company Equity Balances Percent ofInvestment CommonOther Contributed Retained Eamings Cash Stock Owmed Cost Stock Capital 1 00% 90 80 $351,000 232,000 159,000 $92,000 75,000 40,000 $48,000 (29,000) (4,000) $160,000 b. 190,000 180,000 C.