Heidi Corporation acquired, for cash, \(80 \%\) of the outstanding voting common stock of Sumpter Company. After the close of business on the date of acquisition, Sumpter Company's stockholders' equity consisted of common stock, \(\$ 5,880,000\), and retained earnings, \(\$ 2,184,000\). The cost of the investment exceeded the book value by \(\$ 302,400\) and was attributable to above-average earnings prospects. Prepare \((a)\) the entry to record the investment in Sumpter Company and

(b) the elimination entry on the work sheet used to prepare consolidated financial statements as of the date of acquisition.