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 Jamuary $1,2024.$ 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$

$ $31,000$

$175,000$

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:

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

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