Consolidation working paper, noncontrolling interest, one year after acquisition, U.S. GAAP Kroft Foods, a U.S. company, acquired a 90 percent interest in Codberry Inc. on January 1, 2019, for $38,000,000. The fair value of the noncontrolling interest in Codberry is $3,000,000. Codberry's acquisition- date assets and liabilities were reported at amounts approximating fair value, except its inventories (FIFO) were overvalued by $2,000,000, its property and equipment (20-year remaining life, straight-line) was overvalued by $10,000,000, and it had previously unreported identifiable intangibles (5-year remaining life, straight-line) with a fair value of $14,000,000. There is no goodwill impairment during 2019. Here are the December 31, 2019 trial balances of Kroft and Codberry: Current assets Property and equipment, net Investment in Codberry Liabilities Captial Stock Retained earning, January 1 Dividends Sales revenue Equity in net income of Codberry Cost of goods sold Operating Expenses Dr (Cr) Kroft Codberry $9,950,000 $6,200,000 110,000,000 65,000,000 39,980,000 (87,500,000) (46,200,000) (39,000,000 (2,000,000) (16,000,000) (20,500,000) 500,000 (50,000,000) (20,000,000) (2,430,000) 30,000,000 15,000,000 5,000,000 2,000,000 Working paper elimination entry (C) is: Select one: 0 Equity in net income of Codberry 2,430,000 Investment in Codberry 2,430,000 2,930,000 Investment in Codberry Equity in net income of Codberry Dividends 2,430,000 500,000 Equity in net income of Codberry 2,430,000 Dividends Investment in Codberry 450,000 1,980,000 Equity in net income of Codberry 2,430,000 Dividends Investment in Codberry 500,000 1,930,000