p company purchased 95% of interest in s company for $2,400,000 on January 1, 2015. S company had $1,700,000 of common stock and $1,000,000 of retained earnings on January 1, 2015. S company had the following values on that date: Book Value Inventory$250,000 Land Equipment 1,720,000 Fair Value 400,000 2,800,000 1,900,000 2,500,000 a) prepare a CAD for the difference between implied Value and Book Value. b.) Prepare the January 1, 2015 work paper entries to eliminate the investment account and allocate the difference between implied value and book value