P Company purchased 90% interest in 8 Company as of January 1, 2016. P Company gave 60,000 shares of its $5 per value stock, which had a current market value of $10 per share. At the date of acquisition. S Company's equity accounts were: Any difference between value implied by die purchase price and book value is attributable to S Company's Land. A. Calculate the difference between implied value and hook value i.e. allocation schedule. B. Prepare the journal entry to eliminate P's Investment in S. C. Allocate the difference between implied and book value. Show Journal Entry