EXERCISE 31 Workpaper Elimination Entries: 3 Cases LO 8 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: Saltez Company Equity Balances Cash Percent of Stock Owned Investment Cost Common Stock Other Contributed Capital Retained Earnings a. 100% $351,000 $160,000 $92,000 $43,000 b. 90 232,000 190,000 75,000 (29,000) c. 80 159,000 180,000 40,000 (4,000) 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 the same.