On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $694,720, an amount $20,800 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: Consolidated Balances Set Company 196,500 896,000 119,200 405,400 1/1/14 retained earnings Net income from above Dividends declared 12/31/14 retained earnings to the balance sheet (50,700) (88,500) 265,000 1,212,900 Set Company's stockholders' equity is composed of common stock and retained earnings only. (b) 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 for the amounts. Round answers to decimal places, eg. 5,125.) Account Titles and Explanation Debit Credit (To record dividend income) (To eliminate investment in subsidiary and create noncontrolling interest) (To eliminate excess of the book value of equity acquired.)