P Company purchased 90% of the common stock of S Company on January 2, 2014 for $900,000. On that date, S Companys stockholders equity was as follows: Common stock, $20 par value $400,000 Other contributed capital 100,000 Retained earnings 450,000 During 2014, S Company earned $200,000 and declared a $100,000 dividend. P Company uses the partial equity method to record its investment in S Company. The difference between implied and book value relates to land. 1) Prepare the computation and allocation of difference schedule 2) Prepare all elimination entries necessary for consolidated financial statements.

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