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Payton Corporation buys 80 percent of Sheilla Company on January 1, 2017, for $150,000. At the time, Sheilla's common stock was $100,000 and retained earnings totaled $80,000. It was determined that Sheilla's assets and liabilities were all at their fair value except for land. The trial balances of Payton and Sheilla on December 31, 2017, are listed below. Sheilla Credit Payton Corporation Company Debit Credit Debit Cash $ 25,000 $ 10,000 Receivables (net) 10,000 11,000 Inventory, January 1 15.000 9.000 Investment in s 150,000 Plant and equipment (nel 225,000 185,000 Land 100,000 80,000 Accounts payable S 24.000 Other liabilities 80,000 S 10,000 100,0 00 100,0 00 80,00 0 Common stock ($10 par) 250,000 135,000 Retained earnings, January 1 Dividends declared Sales 15,000 20,000 130,000 75.000 0 16,000 Dividend income Purchases Expenses 55,000 40,000 $635,000 25,000 25.000 $365.000 $635,000 $365,0 00 Inventory, December 31 $12,000 $10.000 A. Find the difference between implied and book value B. Record the entries in Payton's books to reflect its transactions with Sheilla in 2017, assuming the cost method