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Problem 3 (35 points) On Janaary 1, 2028, Pilsner Company acquired an 80% interest in Smalley Company for $3,600,000. On that date, Smalley Canpany had retained earnings of $800,000 and comimon stock of 52,800,000. The book values of assets and liabilities were equal to fair values except for the following: The equipment had an estimated remaining useful life of 8 years. The inventory was sold in 2028. Smalley Company reported net inceme of $240,000 is 2025 and 5300,000 in 2029. No dividends were declared or paid in either year. Piluner Cempany uses the cost method to record its investiscot in Smalley. Reguired: Prepare, in general joumal form, the workpaper eliminating entries necessary in the consolidated statements workpaper for the year ending December 31,2029