EXERCISE $4-5$

Eliminating Entries, Noncontrolling Interest LO $2$

On January $1,2024,$ Plate Company purchased a $90\%$ interest in the common stock of Set Company for $$650,000,$ an amount $$20,000$ in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings.

Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December $31,2024,$ follow:

$\backslash$table$[[,$Set Company,Consolidated Balances$],[1/1/2024$ retained earnings,$190,000,880,000],[$Net income from above,$132,000,420,000],[$Dividends declared,$(50,000{)}_{?},(88,000{)}_{?}$