Alpha acquired 100% of Beta's common stock for $400,000. On this date the Fair Market Value of some of Beta's assets and liabilities were:

Land $180,000

Building $50,000

Bonds Payable $75,000

Prepare a consolidation workpaper at the date of acquisition based upon the following book values at the date:

Elimination Entries

Alpha Beta Debit Credit Consolidated

Current Assets 800,000 340,000

Land 200,000 150,000

Building 600,000 90,000

Investment in Beta 400,000 -

- -

- -

- -

Total Debits 2,000,000 580,000

Current Liabilities 600,000 200,000

Bonds Payable 200,000 80,000

Accumulated Depreciation 250,000 60,000

Common Stock 150,000 100,000

Paid in Capital 250,000 -

Retained Earnings 550,000 140,000

Total Credits 2,000,000 580,000