PLEASE SOLVE FOR PART B

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Exercise 7-5 Patterson Company owns 80% of the outstanding common stock of Stevens Company. On June 30, 2013, land costing $515,100 is sold by one affiliate to the other for $837,400. Prepare in general journal form the workpaper entries necessary because of the intercompany sale of land in the consolidated financial statements workpaper for the year ended December 31, 2014, assuming that: (a) Your answer is correct. Patterson Company purchased the land from Stevens Company. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation Cost Method Retained Earnings - Beginr 2578401 Noncontrolling Interest 64460 322300 Land Partial Equity Method Retained Earnings - Beginr 257840 Noncontrolling Interest 64460 Land 3223001 Complete Equity Method Investment in Subsidiary 257840 Noncontrolling Interest 64460 Land 322300 (b) Stevens Company purchased the land from Patterson Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation Cost Method Partial Equity Method Complete Equity Method Accounts Payable Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Administrative Expenses Architectural Fees Bonds Payable Building Cash Common Stock Cost of Goods Sold Deferred Tax Asset Deferred Tax Liability Depreciation Expense Difference between Implied and Book Value Discount on Bonds Payable Dividend Income Dividends Declared Equipment Equity in Subsidiary Income Gain on Sale of Equipment Gain on Sale of Land Goodwill Income Tax Expense Interest Expense Inventory Investment in Subsidiary Land Liabilities Loss on Sale of Equipment Loss on Sale of Land Manufacturing Formula Marketable Securities No Entry Noncontrolling Interest Notes Payable Other Assets Other Current Assets Other Expenses Other Liabilities Premium on Bonds Payable Purchases Retained Earnings Sales Salary Expenses Selling Expenses