End ofthe Year of Acquisition workpaper Entries LO LO9 t in Salmoa Company for $585,000. A EXERCISE 5-2 On January , 2015, Payne Corporation pu Salmon Company's balance shect on that date revealed the following purchased a 75% interest Salmon sammary of Book Value Fair Value $525,000 150.000 675,000 75,000 Equipment Other assets $705,000 75,000 Common stock Retained earnings $675,000 The equipment had an original life of 15 years and has a remaining useful life of 10 years, Required: For the December 31, 2015, consolidated financial statements workpaper, prepare the workpaper entry to allo- cate and depreciate the difference between book value and the value implied by the purchase price assuming A. Equipment is presenled net of accumulated depreciation B. Accumulated depreciation is presented on a separate row in the workpaper and in the consolidated statement of financial position