On December $31,2020,$ Indigo Company purchased a controlling interest in Bridgeport Company for $$1,400,000.$ The consolidated

balance sheet on December $31,2020$ reported noncontrolling interest in Bridgeport Company of $$350,000.$

On the date of acquisition, the stockholders' equity section of Bridgeport Company's balance sheet was as follows:

$($a$)$

$($b$)$

Your answer is partially correct.

Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper. Any difference between

book value and the value implied by the purchase price relates to subsidiary land. $($Credit account titles are automatically indented

when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the

amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Common Stock $-$ Bridgeport

Common Stock $-$ Bridgeport

Retalned Eamings $-$ Brldgeport

Irvestment in Indlgo Compary

Noncontrolling interest in Equlty