On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2,368,500. At that time the common stock and retained earnings of Sand Company were $1,836,600 and $668,200, respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows:

		Fair Value in Excess of Book Value
Inventory		$43,800
Equipment (net)		48,600

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 Companys reported net income and declared dividends for 2013 through 2015 are shown here:

		2013		2014		2015
Net Income		$97,000		$142,900		$79,800
Dividends		20,200		30,800		14,700

Prepare the eliminating/adjusting entries needed on the consolidated worksheet for the years ended 2013, 2014, and 2015.

(a) Assume the use of the cost method. (If no entry is required, select "No Entry" for the account titles and ente automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 2013 Dividend Income 16160 16160 Dividends Declared - Subsidiary Company (To eliminate intercompany dividends) (To eliminate the investment account) (To allocate and depreciate the difference between implied and book value) 2014 (To establish reciprocity/convert to equity method as of 1/1/2011) (To eliminate intercompany dividends) (To eliminate investment account and create noncontrolling interest account) (To allocate and depreciate the difference between implied and book value) 2015 (To establish reciprocity/convert to equity method as of 1/1/2012) (To eliminate intercompany dividends) (To eliminate investment account and create noncontrolling interest account) (To allocate and depreciate the difference between implied and book value)