Exercise 5-11 On January 1, 2013Piper Company acquired an 80% interest in Sand Company for $2,302,200. At that time the common stock and retained earnings of Sand Company were $1,885,700 arid $671,800, respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows: Fair Value in Excess of Book Value $44,800 50,600 Inventory Equipment (net) The book values of all other assets and liabilities of Sand Company were equal to their fair values on January 1, 2013. The equipment had a remaining useful le of eight years. Inventory is accounted for on a FIFO basis. Sand Company's reported net income and declared dividends for 2013 through 2015 are shown here: Net Income Dividends 2013 $96,500 20,400 2014 $154,000 30,500 2015 $81,400 15,000 Prepare the eliminating/adjusting entries needed on the consolidated worksheet for the years ended 2013, 2014, and 2015 Your answer is partially correct. Try again. Assume the use of the complete equity method. (If no entry is required, select "No Entry for the account tities and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2013 Equity in Subsidiary Income 60880 T Dividends Declared - Subsidiary Company 1 16320 Investment in Subsidiary IT 44560 (To eliminate intercompany dividends and income) Common Stock Retained Earnings Difference between Implied and Book Value T Investment in Subsidiary IT 2302200