A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2014. The common stock balance of Saxton Corporation was $2,966,600 on this date, and the balance in retained earnings was $1,005,400. The cost of the investment to Palm Incorporated was $3,815,600. The balance sheet information available for Saxton Corporation on the acquisition date revealed these values: Inventory (FIFO) Equipment (net) Land Book Value Fair Value $689,600 $805,400 1,985,000 1,985,000 1,617,200 2,016,200 The equipment was determined to have a 15-year useful life when purchased at the beginning of 2009. Saxton Corporation reported net income in 2014 of $252,400 and $298,400 in 2015. No dividends were declared in either of those years. Prepare the worksheet entries, assuming that the partial equity method is used to account for the investment, to eliminate the investment account, and to allocate and depreciate the difference between book value and the value implied by the purchase price in the 2015 consolidated statements workpaper. (Round answers to o decimal places, e.g. 5,125. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To eliminate subsidiary income) HHHHHHHHHHHHHH (To eliminate the investment amount and create noncontrolling interest account) (To allocate and depreciate the difference between implied and book value) A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2014. The common stock balance of Saxton Corporation was $2,966,600 on this date, and the balance in retained earnings was $1,005,400. The cost of the investment to Palm Incorporated was $3,815,600. The balance sheet information available for Saxton Corporation on the acquisition date revealed these values: Inventory (FIFO) Equipment (net) Land Book Value Fair Value $689,600 $805,400 1,985,000 1,985,000 1,617,200 2,016,200 The equipment was determined to have a 15-year useful life when purchased at the beginning of 2009. Saxton Corporation reported net income in 2014 of $252,400 and $298,400 in 2015. No dividends were declared in either of those years. Prepare the worksheet entries, assuming that the partial equity method is used to account for the investment, to eliminate the investment account, and to allocate and depreciate the difference between book value and the value implied by the purchase price in the 2015 consolidated statements workpaper. (Round answers to o decimal places, e.g. 5,125. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To eliminate subsidiary income) HHHHHHHHHHHHHH (To eliminate the investment amount and create noncontrolling interest account) (To allocate and depreciate the difference between implied and book value)