On October 1, 2011, Packer Company purchased 90% of the common stock of Shipley Company for $315,000. Additional information for both companies for 2011 follows: Any difference between implied and book value relates to Shipley's land. Packer uses the partial equity method to record its investment in Shipley. Shipley Company's income was earned evenly throughout the year. Required: Prepare the work paper entries that would be made on a consolidated statements work paper on December 31, 2011. Use the full year reporting alternative. (Full-year reporting includes subsidiary's revenues and expenses in the consolidated income statement as if P acquires the S at the beginning of year; partial-year reporting only includes S's revenues and expenses after acquisition in the consolidated income statement - S's revenues and expenses are closed to S's retained earnings at the date of acquisition)