HW 3-3 On December 31, 2020, Pool Inc. purchased 90% of the outstanding common stock of Splash Company for cash. At that time, the balance sheet of Splash was as follows: Current Assets Plant and Equipment Land Total Assets Liabilities Common Stock, $20 par value Other Contributed Capital Retained Earnings Total Less Treasury Stock (cost), 5,000 shares Total Liablities and Equity $1,050,000 990,000 170,000 $2,210,000 $820,000 900,000 440,000 150,000 $2,310,000 100,000 $2,210,000 Required: Prepare the elimination entry required for the preparation of a consolidated balance sheet workpaper on December 31, 2020, assuming: The purchase price of the stock was $1,400,000. Assume that any difference between the book value of net assets and the value implied by the purchase price relates to the subsidiary land. A B The purchase price of the stock was $1,160,000. Assume that the subsidiaryland has a fair value of $180,000, and the other assets and liabilities are fairly valued