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: Set Company Consolidated Balances 1/1/14 retained earnings Net income from above Dividends declared 12/31/14 retained earnings to the balance sheet260,300 177,300 133,600 (50,600) 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 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 O for the amounts. Round answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit Dividends Recelvable Dividend (To record dividend income) Common Stock - Subsidiary Company Retained Earnings -Subsidiary Company Difference between Implied and Book Value Investment in Subsidiary 681200 Noncontrolling Interest 75689 To eliminate investment in subsidiary and create noncontrolling interest) Land Difference between Implied and Book To eliminate excess of the book value of equity acquired.) Value