Questions 9, 10 and 11 will all use the following scenario. Prepare the eliminating entries as of December 31, 2016 and provide the amounts indicated in each question. Scenario: On January 1, 2016, P Company acquired 80% of the outstanding capital stock of S Company for $570,000. On that date, the capital stock of S Company was $150,000 and its retained earnings were $450,000. On the date of acquisition, the assets of S Company had the following values: Inventory Plant and equipment Book Value Fair Value 90,000 165,000 150,000 180,000 All other assets and liabilities had book values approximately equal to their respective fair market values. The plant and equipment had a remaining useful life of 10 years from January 1, 2016, and all of the inventory held on the date of acquisition was sold during 2016. S Company earned $180,000 in 2016 and paid dividends in that year of $90,000. P Company uses the equity method to account for its investment in S Company. Question: What is the amount of difference between implied and book?