Alternative investment account methods, effect on eliminations. On January 1, 2015, Port Company acquires 8,000 shares of Solvo Company by issuing 10,000 of its common stock shares with a par value of $10 per share and a fair value of $70 per share. The price paid reflects a control premium. The market value of the shares owned by the NCI is $80 per share. At the time of the purchase, Solvo has the following balance sheet: Assets Current assets. Investments Land.... Building (net). Equipment (net) Total assets... Liabilities and Equity $100,000 150,000 Current liabilities... $ 80,000 Bonds payable 250,000 120,000 Common stock ($10 par).. 100,000 350,000 Paid-in capital in excess of par 200,000 160,000 $880,000 Retained earnings..... 250,000 Total liabilities and equity... $880,000 Appraisals indicate that book values are representative of fair values with the exception of the land and building. The land has a fair value of $180,000, and the building is appraised at $450,000. The building has an estimated remaining life of 20 years. Any remaining excess is goodwill. The following summary of Solvo's retained earnings applies to 2015 and 2016: Balance, January 1, 2015... Net income for 2015.. Dividends paid in 2015... Balance, December 31, 2015 Net income for 2016....... Dividends paid in 2016.... $250,000 60,000 (10,000) $300,000 50,000 (10,000) Balance, December 31, 2016 $340,000