Assume that on 1/1/22 Big Co purchases 80% of Little Co for $210000. The fair value of the non-controlling interest on that date was $52,500. Little's book value on that date was $186000, with Common Stock of $30000 and Retained Earning $156000. All of Little's assets and liabilities had fair values equal to book value, except: Land, which was overvalued by $5000, Inventory (FIFO basis) overvalued by $5000, and PPE (5 year remaining useful life) undervalued by $6000. Any remaining differential is attributed to Goodwill During 2022 Little reports earnings of $60,000 and pays dividends of $10,000. Required: Prepare elimination entries for 2022. ownership 80 Cost 210000 FV NCI 52500 Book value 186000 Common stock 30000 Retained earnings 156000 Land 5000 Inventory 5000 PPE 4000