Ping Corporation $($a U$.$S$.$ company$)$ paid $$350,000$ cash for $70\%$ of the outstanding common stock of Spring Company on January $1,2024.$ There was no control premium and the fair value of the noncontrolling interest was $$150,000$ on January $1,2024.$ Differences between book value and fair value of the net identifiable assets of Spring Company on January $1,2024,$ were limited to the following:

Inventories

Book value

Fair value

Building $($net$)$

$ $20,000$

$ $31,000$

$180,000$

$175,000$

Required:

$($i$)$ Prepare the working paper elimination entries E and R $($in journal entry format$)$ for Ping Corporation and subsidiary on January $1,2024.$

$($ii$)$ Complete the following working paper:

$$Vorking paper for consolidated balance sheet on date of business combination, January $1,2024$

$\backslash$table$[[,\backslash$table$[[\backslash$bar $($ Ping $)]],$Spring,Adjust,Elimina,$\backslash$table$[[$Consolidated$]]],[,$Dr$($Cr$),$Dr$($Cr$),$Debits,Credits,Dr$($Cr$)],[$Cash$,50,000,30,000,,,],[$Inventories$,140,000,20,000,,,],[$Investment in Spring,$350,000,,,,],[$Building $($net$),430,000,180,000,,,],[,,,,,],[$Accounts payable,$(300,000),(110,000),,,],[$Common stock,$(180,000),(27,000),,,],[$Add$.$ paid$-$in capital,$(370,000),(33,000),,,],[$Retained earnings,$(120,000),(60,000),,,],[,,,,,],[$Total$,0,0,,,]]$