Entries needed to prepare consolidated balance sheet

Question

Task: Consolidation after One Year of Ownership                               
                               
Steadry Corporation purchased 80 percent of Lowe Corporation’s stock on January 1, 20X2. At that date Lowe reported retained earnings of $80,000 and had $120,000 of stock outstanding. The fair value of its equipment and buildings was $32,000 more than the book value.                                                                                                                                                           

Steadry paid $190,000 to acquire the Lowe shares. The remaining economic life for all Lowe’s depreciable assets was eight years on the date of combination. The amount of the differential assigned to goodwill is not amortized. Lowe reported net income of $40,000 in 20X2 and declared no dividends.                               
                                                       
Required to do:                     
                               
a. Give the eliminating entries needed to prepare a consolidated balance sheet immediately after Steadry purchased Lowe stock.  

E (1)	Lowe Corporation Common Stock					120,000
	Retained Earnings on 1 January					80,000
	Differential (1)					30,000
	Lowe Corporation Investment by Steadry						190,000
	Non-Control Interest (minority)						40,000
	Eliminated balance investment
	Differential
	Steadry's purchase of Lowe's shares					190,000
	Lowes value (Ret.Earnings 80,000+ Stock 120,000)*80%					(160,000)
	Differential					30,000
E (2)	Buildings and equipment  (32000*80%)					25,600
	Goodwill					4,400
	Differential						30,000
	Non-Controlling Interest Income (40,000*20%)					8,000
	Non-Controlling Interest						8000
E (3)	Lowe Corporation Common Stock					120,000
	Retained Earnings on 1 January					80,000
	Differential (1)					30,000
	Lowe Corporation Investment by Steadry						190,000
	Non-Control Interest (minority)						40,000
	Eliminated balance investment
E (4)	Buildings and equipment  (32000*80%)					25,600
	Goodwill					4,400
	Differential						30,000
E (5)	Depreciation Expenses					3,200
	Accumulated Depreciation						3,200
	Differential Ammortization

b. Give all eliminating entries needed to prepare a full set of consolidated financial statements for 20X2.