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Elias Corporation acquired 90 percent ownership of MaPo Company on January...

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Elias Corporation acquired 90 percent ownership of MaPo Company on January 1,209, for $360,000. The fair value of the NCl was $40,000 on that date. The adjusted trial balance for the two companies on December 31, 20x9, are as follows: Additional Information: 1. The fair values of all of MaPo's assets and liabilities were equal to their book values except for the following: 2. Assume that on the date of acquisition MaPo's buildings \& equipment had an estimated remaining life of 10 years and that the bonds payable would mature in 5 years. Also assume that all imventory was sold in 209. 3. Detailed analysis of receivables and payables showed that MaPo owed Elias $10,000 on December 31,209. Required: a. Give all journal entries recorded by Elias with regard to its investment in MaPo during 2009. b. Give all consolidating entries needed to prepare a full set of consolidated financial statements for 209. c. Prepare a three-part consolidation worksheet as of December 31, 20009

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