2. Plain Corporation acquired a 75% interest in Swampy Company on January 1, 2016, for $2,000,000. The book value and fair value of the assets and liabilities of Swampy Company on that date were as follows: Book Value Fair Value Current Assets $ 600,000 $ 600,000 Property & Equipment (net) 1,400,000 1,800,000 Land 700,000 900,000 Deferred Charge 300,000 300,000 Total Assets 3,000,000 3,600,000 Less Liabilities Net Assets 600,000 600,000 $ 2,400,000 $ 3,000,000 The property and equipment had a remaining life of 6 years on January 1, 2016, and the deferred charge was being amortized over a period of 5 years from that date. Common stock was $1,500,000 and retained earnings was $900,000 on January 1, 2016. Plain Company records its investment in Swampy Company using the cost method. Required: Prepare, in general journal form, the December 31, 2016, workpaper entries necessary to: A. Eliminate the investment account. B. Allocate and amortize the difference between implied and book value.