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 Company's land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow: 1/1/14 retained earnings Net income from above Dividends declared 12/31/14 retained earnings to the balance sheet Set Company 177,300 133,600 (50,600) 260,300 Consolidated Balan 953,400 393,400 (81,200 ) 1,265,600 Set Company's stockholders' equity is composed of common stock and retained earnings only. Your answer is partially correct. Try again. Prepare the eliminating entries required for the preparation of a consolidated statements workpaper on December 31, 2014, assuming the use of the equity 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 O for the amounts. Round answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit Dividend Income Investment in Subsidiary Noncontrolling Interest (To record dividend income) Common Stock -Subsidiary Company Retained Earnings - Subsidiary Company Difference between Implied and Book Value 555700 177300 23889 Investment in Subsidiary 681200 Noncontrolling Interest 75689 (To eliminate investment in subsidiary and create noncontrolling interest) Land 23889 Difference between Implied and Book Value 23889 (To eliminate excess of the book value of equity acquired.)