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Ive tried posting this problem and have gotten incorrect responses. I would like to know each od the eliminating entry accounts wnd their respective debits

Ive tried posting this problem and have gotten incorrect responses. I would like to know each od the eliminating entry accounts wnd their respective debits or credits. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2013, Piper 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 and $671,800, respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows: 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 life 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: Date Account Titles and Explanation Debit Credit 2013 Investment in Subsidiary Dividends Declared - Subsidiary Company (To eliminate intercompany dividends and income) Retained Earnings Noncontrolling interest Depreciation Expense (To eliminate the imvestment account) RetalnedEarnings (To eliminate the investment account) Retained Earnings Noncontrolling Interest (To allocate and depreciate the difference between implied and book value) 2014 (To eliminate intercompany dividends and income) Retained Earnings 2014 (To eliminate intercompany dividends and income) Retained Earnings Noncontrolling interest (To eliminate investment account and create noncontrolling. interest account) RetainedEarnings 2015 (To eliminate intercompany dividends and income) Retained Earnings Noncontrolling Interest (To eliminate investment account and create noncontrolling interest account) Retained Earnings (To eliminate investment account and create noncontrolling interest account) Retained Earnings Noncontrolling Interest (To allocate and depreciate the difference between implied and book value)

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