Please use the following question to answer questions 14-20: On January 1, 2010, P Company purchased an 80% interest in Company for $900,000. At that time, 5 Company had capital stock o $600,000 and retained earnings of $100,000. Differences between the fair value and the book value of the identifiable assets of Sale Company were as follows: Fair value in Excess of Book Value Equipment Land Inventory $ 180,000 20,000 20,000 The book values of all other assets and liabilities of S Company were equal to their fair values on January 1, 2010. The equipment ha remaining life of five years. The inventory was sold in 2010. s Company's net income and dividends declared in 2010 Net Income of $120,000; Dividends Declared of $30,000 is 15. Prepare W/P at date of purchase to eliminate the equity of Sand investment of P (see above question) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) TT T Arial 3 (12pt) Debit Credit Cs 600,000 100,000 Apic Re. Diff 16. Prepare W/P to allocate the differences (see above question) TT T Arial 3 (124) T Path: Words:0