Exercise 5-4 On January 1, 2015, Porter Company purchased an 80% interest in Salem Company for $262,600. On this date, Salem Company had common stock of $ 204,000 and retained earnings of $130,100. An examination of Salem Company's balance sheet revealed the following comparisons between book and fair values: Inventory Other current assets Equipment Land Book Value $30,000 50,600 305,800 199,100 Fair Value $35,200 54,300 356,100 199,100 (b) Prepare the January 1, 2015, consolidated financial statements workpaper entries to eliminate the investment account and to allocate the difference between book value and the value implied by the purchase price. (If no er 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.) Account Titles and Explanation Debit Credit (To eliminate the investment account) (To allocate the difference between book value and the value implied by the purchase price)