On January 1, 2015, Sams Corp purchased 80% of the common stock of Lindee Corp for $316,000. On this date, Lindee had common stock, other paid-in capital, and retained earnings of $40,000, $120,000, and $190,000, respectively. Net income and dividends for 2 years for Subsidiary Company were as follows:20152016Net income$50,000$90,000Dividends10,00020,000On January 1, 2015, the only tangible assets of Lindee that were undervalued were inventory and building. Inventory, for which FIFO is used, was worth $5,000 more than cost. The inventory was sold in 2015. Building, which was worth $15,000 more than book value, has a remaining life of 8 years, and straight-line depreciation is used. Any remaining excess is goodwill.Prepare all necessary elimination entries for the consolidating worksheet of December 31, 2015. Assume Sams uses the simple equity method of accounting for its investment in Lindee..