EXERCISE 36 Elimination Entry, Consolidated Balance Sheet LO 8 On December 31, 2018, Price Company purchased a controlling interest in Shipley Company. The balance sheet of Price Company and the consolidated balance sheet on December 3, 2018, were as follows: Price Company Consolidated Cash $ 22,000 $ 37,900 Accounts receivable 35,000 57,000 Inventory 127,000 161,600 Investment in Shipley Company 212,000 0 Plant and equipment (net) 190,000 337,000 Land 120,000 220,412 Total $706,000 $813,912 Accounts payable $ 42,000 $112,500 Note payable 100,000 100,000 Noncontrolling interest in Shipley Company 0 37,412 Common stock 300,000 300,000 Other contributed capital 164,000 164,000 Retained earnings 100,000 100,000 Total $706,000 $813,912 On the date of acquisition, the stockholders' equity section of Shipley Company's balance sheet was as follows: Common stock $ 90,000 Other contributed capital 90,000 Retained earnings 56,000 Total $236,000 Required: Prepare the investment elimination entry made to complete a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary land. Prepare Shipley Company's balance sheet as it appeared on December 31, 2018.