Please use the following question to answer questions 14-20 On January 1, 2010, P Company purchased an 80% interest in s Company for $900,000. At that time, S Company had capital stock of 5600,000 and retained earnings of $100,000. Differences between the fair value and the book value of the identifiable assets of Salem Company were as follows: Equipment Land Taventory Fair Valne in Excess of Book Value $ 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 had a remaining life of five years. The inventory was sold in 2010. s Company's net income and dividends declared in 2010 Net Income of 5120,000; Dividends Declared of 530.000 18. Prepare W/P entries to eliminate Dividends and convert cost to equity (see above question) TT T Arial 3 (12pt)