Remaining Time: 1 hour, 26 minutes, 11 seconds. Question Completion Status: QUESTION 14 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 $600,000 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: Fair Value in Excess of Book Value Equipment Land Inventory 180,000 20,000 20,000 The book values of all other assets and liabilities of 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 $120,000; Dividends Declared of $30,000 14. Prepare JE at date of purchase TTT Arial 3 (12pt) T.E