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 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		196,500			896,000
Net income from above		119,200			405,400
Dividends declared		(50,700	)		(88,500	)
12/31/14 retained earnings to the balance sheet		265,000			1,212,900

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 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 Equity Income Investment in Subsidiary Dividends Declared - Subsidiary Company (To record dividend income) Common Stock - Subsidiary Company Retained Earnings - Subsidiary Company 196500 Difference between Implied and Book Value Investment in Subsidiary 694720 Noncontrolling Interest (To eliminate investment in subsidiary and create noncontrolling interest) Land Difference between Implied and Book Value (To eliminate excess of the book value of equity acquired.)