Elimination Entry, Consolidated Balance Sheet On December 31, 2003, Price Company purchased a controlling interest in Shipley Company. The balance sheet of Price Company and the consolidated balance sheet on December 31, 2003 were as follows: LO7 Price Company Consolidated Cash $ 22,000 $ 37,900 Accounts Receivable 35,000 57,000 Inventory 127,000 161,600 Investment in Shipley Company 212,000 ro Plant and Equipment (net) 190,000 337,000 Land 120,000 218,400 Total $706,000 $ 811,900 Accounts Payable $ 42,000 $ 112,500 Note Payable 100,000 100,000 Noncontrolling Interest in Shipley Company —0— 35,400 Common Stock 300,000 300,000 Other Contributed Capital 164,000 164,000 Retained Earnings 100,000 100,000 Total $706,000 $ 811,900 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 prepare a consolidated balance sheet workpaper. Any difference between cost and book value relates to subsidiary land.

B. Prepare Shipley Company’s balance sheet as it appeared on December 31, 2003.