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.

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)