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Elimination entries and consolidated balance sheet (LO 17-5) The following are the balance sheets for Plate and Salad immediately prior to Plate's September 1 , 20X1 acquisition of Salad: Cash Accounts receivable Inventory Land Bldg. & equip. net Total assets Liabilities & equity Accounts payable Bonds payable Common stock & APIC Retained eamings Total liabilities & equity Consider the following cases: Case 1 Plate $500,000 50,000 100,000 50,000 200,000 $900,000 $ 40,000 200,000 300,000 360,000 $900,000 Salad $100,000 20,000 30,000 10,000 100,000 $260,000 s 80,000 0 100,000 80,000 $260,000 Plate buys 100% of Salad's common stock for $180,000 cash. The fair value of Salad's assets and liabilities equals their book value. Case 2 Plate buys 100% of Salad's common stock for $210,000 cash. The fair value of Salad's land is S20,000 and of its buildings and equipment is $110,000 All other fair values equal book values. Required: 2. 3 Prepare the September 1 , 20X1 , journal entry on Plate's books to record the acquisition of Salad. Prepare the elimination entries needed to prepare a consolidated balance sheet immediately after the acquisition. Prepare the consolidated balance sheet immediately after the acquisitiom