Pool Company purchased 90% of the outstanding common stock of Spruce Company on December 31, 2014, for cash. At that time the balance sheet of Spruce Company was as follows: (a) Prepare the elimination entry required for the preparation of a consolidated balance sheet workpaper on December 31,2014 , assuming the purchase price of the stock was $1,371,400. Assume that any difference between the book value of net assets and the value implied by the purchase price relates to subsidiary land. (Round answers to 0 decimal places, eg. 125, 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.)