Exercise 3-5 Pool Company purchased 90% of the outstanding common stock of Spruce Company on December 31, 2014, for cash. At that time the balance sheet of Spruce Company was as follows: Current assets Plant and equipment Land Total assets $958,600 1,022,370 176,160 $2,157,130 Liabilities Common stock, $20 par value Other contributed capital Retained earnings Total Less treasury stock at cost, 4,840 shares Total equities $772,160 895,600 478,710 107,460 2,253,930 96,800 $2,157,130 (a) Prepare the elimination entry required for the preparation of a consolidated balance sheet workpaper on December 31, 2014, assuming the purchase price of the stock was $1,481,000. Assume that any difference between the book value of net assets and the value implied by the purchase price relates to subsidiary land. (Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)