Homework Exercise 5-2 On January 1, 2021, Porter Company purchased an 80% interest in Salem Company for $260,000. On this date, Salem Company had common stock of $207,000 and retained earnings of $130.500. Required: a. Determine the amounts that should be allocated to Salem Company's assets on the consolidated financial statements workpaper on January 1, 2021. b. Prepare the January 1, 2021 consolidated financial statements workpaper entries to eliminate the investment account and to allocate the difference between book and value implied by the purchase price