Ellsworth acquired Merrell on January 1, 2008 by issuing shares of common stock. On January 1, 2008 all of Merrell's assets and liabilities had fair values equal to book value except for the following: land was undervalued by $20,000 buildings were undervalued by $300,000 (20-year remaining useful life) equipment was overvalued by $60,000 (6-year remaining useful life) In addition, a customer list with an appraised value of $200,000 and a 10-year useful life had been developed internally by Merrell. Assume Ellsworth originally acquired Merrell for the fair value of its net identifiable assets, which was $810,000 at the date of acquisition. Merrell's Retained Earnings balance at the date of acquisition was $150,000. The following are selected accounts for Ellsworth Company and Merrell, Inc. as of December 31, 2014 (Ellsworth's Investment in Merrell and Equity in Merrell's Income accounts have been omitted). Credit balances are indicated by parentheses. Assume Ellsworth uses the equity method and prepare consolidation entries for 2014