P Company purchased 90% interest in S Company as of January 1, 2016. P Company gave 60,000 shares of its $5 par value stock, which had a current market value of $10 per share. At the date of acquisition. S Company's equity accounts were: Capital stock (10,000 shares) $300,000 Other contributed Capital 100,000 Retained Earnings 100.000 Treasury stock (1,000 shares) (30,000) Total Equity $420,000 Any difference between value implied by the purchase price and book value is attributable to S Company's Land. Calculate the difference between implied value and book value., i.e. allocation schedule. Prepare the journal entry to eliminate P's Investments in S. Allocate the difference between implied and book value. Show Journal Entry. P Company purchased 90% interest in S Company as of January 1, 2016. P Company gave 60,000 shares of its $5 par value stock, which had a current market value of $10 per share. At the date of acquisition. S Company's equity accounts were: Capital stock (10,000 shares) $300,000 Other contributed Capital 100,000 Retained Earnings 100.000 Treasury stock (1,000 shares) (30,000) Total Equity $420,000 Any difference between value implied by the purchase price and book value is attributable to S Company's Land. Calculate the difference between implied value and book value., i.e. allocation schedule. Prepare the journal entry to eliminate P's Investments in S. Allocate the difference between implied and book value. Show Journal Entry