EXERCISE 4-5Eliminating Entries, Noncontrolling Interest LO 2 On January 1, 2014, 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, 2014, follow:

	Set Company	Consolidated Balances
1/1/14 retained earnings	190,000	880,000
Net income from above	132,000	420,000
Dividends declared	(50,000)	(88,000)
12/31/14 retained earnings to the balance sheet	272,000	1,212,000

Determine the total noncontrolling interest that will be reported on the consolidated balance sheet on December 31, 2014. How does the noncontrolling interest differ between the cost method and the equity method?