assume the use of the cost method

On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2.204.200. At that time the common stock and retained earnings of Sand Company were $1,781,900 and $712,300, respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows: Fair Value in Excess of Book Value $45,200 Inventory Equipment (net) 48,600 The book values of all other assets and liabilities of Sand Company were equal to their fair values on January 1, 2013. The equipment had a remaining useful life of eight years. Inventory is accounted for on a FIFO basis. Sand Company's reported net income and declared dividends for 2013 through 2015 are shown here: 2013 2014 2015 $103,800 $156,400 $76,400 Net Income Dividends 20,200 30,600 15,700 Prepare the eliminating/adjusting entries needed on the consolidated worksheet for the years ended 2013, 2014, and 2015. (To allocate and depreciate the difference between implied and book value) 2014 Investment in Subsidiary 66880 Retained Earnings 66880 (To establish reciprocity/convert to equity method as of 1/1/2011) Dividend income 24480 Dividends Declared - Subsidiary Company 24480 (To eliminate intercompany dividends) Common Stock 1781900 Retained Earnings 921700 Difference between replied and Book Value 261050 2371720 investment in Subsidiary 592930 Nor controlling Interest (To eliminate investment account and create noncontrolling (To eliminate investment account and create noncontrolling interest account) Depreciation Expense 6075 Equipment Retained Earning Noncontrolling interest Goodwill Difference between Implied and Book Value TI | TIL (To allocate and depreciate the difference between implied and book value) 2015 Investment in Subsidiary Retained Earrings (To establish reciprocity/corvert to equity method as of 1/1/2012) Dividend Income Dividends Deared. Subsidiary Como hands (To eliminate intercompany dividends) Hetained Earnings Common Stock THE Difference between Imped and Book Value Investment in Subsidiary Noncontrolling interest (To eliminate investment account and create noncontrolling interest account) Depreciation Expense Equipment Retained Earn Nocniring rerest Goodwill Cifference between inplied and took Value to allocate and depreciate the difference between implied