On January 1, 2014, Plate Company purchased a 90 interest in the common stock of Set Company for $681,200, an amount $21,500 in excess of the book value of equity acquired The excess relates to the understatement of Set Companys land holdings Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow Set Company Consolidated Balances 1 1 14 retained earnings 177,300 953,400 Net income from above 133,600 393,400 Dividends declared (50,600 ) (81,200 ) 12 31 14 retained earnings to the balance sheet 260,300 1,265,600 Set Companys stockholders equity is composed of common stock and retained earnings only Prepare the eliminating entries required for the preparation of a consolidated statements workpaper on December 31, 2014, assuming the use of the cost method (Credit account titles are automatically indented when 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 Round answers to 0 decimal places, e g 5,125 )

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On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $681,200, an amount $21,500 in excess of

On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $681,200, an amount $21,500 in excess of the book value of equity acquired. The excess relates to the understatement of Set Companys land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow:

	*Set Company*			*Consolidated Balances*
1/1/14 retained earnings		177,300			953,400
Net income from above		133,600			393,400
Dividends declared		(50,600	)		(81,200	)
12/31/14 retained earnings to the balance sheet		260,300			1,265,600

Set Companys stockholders equity is composed of common stock and retained earnings only.

Prepare the eliminating entries required for the preparation of a consolidated statements workpaper on December 31, 2014, assuming the use of the cost method. (Credit account titles are automatically indented when 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. Round answers to 0 decimal places, e.g. 5,125.)