Padilla Company purchased 80% of the common stock of Sanoma Company in the open market on January 1, 2013, paying $30,900 more than the book value of the interest acquired. The difference between book value and the value implied by the purchase price is attributable to land.

What workpaper entry is required each year until the land is disposed off?

Debit Land

Credit Difference between Implied and Book Value

help figure out the amount