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Note: You can right-click the image then open in a new tab to better see the problem Exercise 3-6 On December 31, 2013, Price Company

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Exercise 3-6 On December 31, 2013, Price Company purchased a controlling interest in Shipley Company. The balance sheet of Price Company and the consolidated balance sheet on December 3, 2013, were as follows: Cash Accounts receivable Inventory Investment in Shipley Company Plant and equipment (net) Land Total Price Company Consolidated $22,960 $40,015 31,920 59,330 121,760 175,450 193,560 -0- 199,520 320,530 123,190 205,993 $692,910 $801,318 Accounts payable Note payable Noncontrolling interest in Shipley Company Common stock Other contributed capital Retained earnings Total $41,610 97,900 -0- 304,200 155,970 93,230 $692,910 $115,860 97,900 34,158 304,200 155,970 93,230 $801,318 On the date of acquisition, the stockholders' equity section of Shipley Company's balance sheet was as follows: Common stock Other contributed capital Retained earnings Total $84,810 92,240 44,730 $221,780 (a) Prepare the investment elimination entry made to complete a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary land. (If no entry is required, 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 Accounts Payable Accounts Receivable Acquisition Costs Payable Acquisition Expense Additional Paid-in Capital Bonds Payable Buildings Cash Common Stock Deferred Acquisition Charges Deferred Tax Asset Deferred Tax Liability Difference Between Implied And Book Value Discount on Bonds Payable Gain on Purchase of Business - Pool Goodwill Income Tax Payable Interest Receivable from Subsidiary Inventory Investment in Rent.com Investment in Rob Co. Investment in Sara Co. Investment in Save Investment in Seely Company Investment in Shah Company Investment in Shipley Company Investment in Shy Inc. Investment in Spruce Company Investment in Starless Company Investment in Sun Company Investment in Swartz Company Land Long-term Receivable from Subsidiary Merchandise Inventory Mortgage Payable No Entry Noncontrolling Interest Notes Payable Notes Receivable Other Contributed Capital Patents Plant and Equipment Premium on Bonds Payable Prepaid Insurance Retained Earnings Treasury Stock

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