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 $1,373,600. 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, e.g. 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.)

Exercise 3-5 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: Current assets $1,003,100 Plant and equipment 993,620 Land 155,000 Total assets $2,151,720 Liabilities $842,990 Common stock, $20 par value 885,600 Other contributed capital 475,860 Retained earnings 46,370 Total 2,250,820 Less treasury stock at cost, 4,955 shares 99,100 Total equities $2,151,720 (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 $1,373,600. 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, e.g. 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.)