The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts:

On January 1, 20X3, Joint Corporation acquired 70 percent of the common shares and 60 percent of the preferred shares of Separate Company at underlying book value. At that date, the fair value of the noncontrolling interest in Separate's common stock was equal to 30 percent of the book value of its common stock.

Required
Give the worksheet elimination entries needed to prepare a consolidated balance sheet immediately following Joint's purchase ofshares.

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50,000 100,000 50,000 150.000 $350,000 Total Assets $350,000 Total Liabilities Preferred Stock Common Stock Retained Earnings Total Liabilities & Equities Total Assets $350,000