On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2,167,600. At that time the common stock and retained earnings of Sand Company were $1,748,400 and $724,400, 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 $44,600 Equipment (net) 51,200 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 Company's reported net income and declared dividends for 2013 through 2015 are shown here: 2013 2014 2015 Net Income $95,700 $156,800 $78,500 Dividends 19,400 28,500 15.200 Assume the use of the complete equity 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 Equity in Subsidiary Income 71440 Dividends Declared - Subsidiary Company 15520 Investment in Subsidiary 55920