Elimination Entries

Content

Hi, 
we are implementing consolidation and used "Reporting Only Consolidations" as all companies use the same COA, Calendar, Currency. there are 4 companies with 4 ledgers. 
for the purpose of preparing Combined Financials statements, we've created a separate ledger for entering elimination entries. 
my question is, in the elimination ledger, it right to create separate elimination company for each subsidiary (4 companies) or create only one elimination company or not to create any other companies in company segment and use the same companies values??