On January 1, 2014, Singh Company Acquired an 80 Percent

Essay

On January 1, 2014, Singh Company acquired an 80 percent interest in Gonzalez Company for $300,000. On January 1, 2014, Gonzalez's total stockholders' equity was $375,000. The fair value and book value of Gonzalez's individual assets and liabilities were equal.
On January 2, 2014, Gonzalez Company acquired a 10 percent interest in Singh Company for $50,000. On January 2, 2014, Singh's total stockholders' equity was $500,000. The fair value and book value of Singh's individual assets and liabilities were equal.
For the year ending December 31, 2014, the following data is available:
The treasury stock method is used to account for the mutual stock holdings between Singh and Gonzalez. The separate net incomes do not include investment income. A partial consolidating worksheet is below.
Required:
Prepare the elimination entries for the year ending December 31, 2014.
Do not enter them onto the worksheet. Instead, list them below.