Problem #1: On December 31, 2016, Pinta Company purchased 80% of the outstanding common stock of Snead Company for cash. At the time of acquisition, Snead Company's balance sheet was as follows: Current assets Plant and equipment Land Total assets $ 1,680,000 1,580,000 280,000 $3,540,000 Liabilities Common stock, $10 par value Other contributed capital Retained earings Total Treasury stock at cost, 5,000 shares Total equities $ 1,320,000 1,440,000 700.000 240,000 $3,700,000 $3,540,000 Required: Prepare the elimination entry(s) required for the preparation of a consolidated balance sheet workpaper on December 31, 2016, assuming the purchase price of the stock was $1,670,000. Any difference between the value implied by the purchase price of the investment and the book value of net assets acquired relates to subsidiary land