22) Pullman Corporation acquired a 90% interest in Sleeter Company for $6,500,000 on January 1 2020. At that time Sleeter Company had common stock of $4,500,000 and retained earnings of $1,800,000. The balance sheet information available for Sleeter Company on January 1, 2020, showed the following: Inventory (FIFO) Equipment (net) Land Book Value $1,300,000 1,500,000 3,000,000 Fair Value $1,500,000 1,900,000 3,000,000 The equipment had a remaining useful life of ten years. Sleeter Company reported $240,000 of net income in 2020 and declared $60,000 of dividends during the year. Required: Prepare the workpaper entries assuming the cost method is used, to eliminate dividends, eliminate the investment account, and to allocate and depreciate the difference between implied and book value for 2020