27. P Company purchased 90% of the common stock of S Company on January 2, 2014 for $900,000. On that date, S Company's stockholders' equity was as follows: Common stock, $20 par value $400,000 Other contributed capital 100,000 Retained earnings 450,000 During 2014, S Company earned $200,000 and declared a $100,000 dividend. P Company uses the partial equity method to record its investment in S Company. The difference between implied and book value relates to land. Required: Prepared, in general journal form, all eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2014