On December 31, 2010, Price Company purchased a controlling interest in Shipley Company. The balance sheet of Price Company and the consolidated balance sheet on December 31, 2010, were as follows:

On the date of acquisition, the stockholders’ equity section of Shipley Company’s balance sheet was as follows:
Common stock.............$ 90,000
Other contributed capital.......90,000
Retained earnings........56,000
Total..............$236,000

Required:
A. Prepare the investment elimination entry made to complete a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary land.
B. Prepare Shipley Company’s balance sheet as it appeared on December 31,2010.

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Price Company Consolidated 22,000 35,000 127,000 212,000 190,000 120,000 $706,000 37,900 57,000 161,600 Cash Accounts receivable Inventory Investment in Shipley Company Plant and equipment (net) Land 337,000 220,412 $813,912 Total 42,000 100,000 Accounts payable Note payable Noncontrolling interest in Shipley Company Common stock Other contributed capital Retained earnings $112,500 100,000 37,412 300,000 164,000 100,000 300,000 164,000 100,000 $706,000 Total $813,912