On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2,248,200. At that time the common stock and retained earnings of Sand Company were $1,763,100 and $670,200, 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		$45,000
Equipment (net)		49,000

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		$96,000		$148,100		$78,400
Dividends		21,000		31,500		15,400

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

Assume the use of the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Assume the use of the cost method. (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.) Date Account Titles and Explanation Debit Credit 2013 (To eliminate intercompany dividends) (To eliminate the investment account) (To allocate and depreciate the difference between implied and book value)