Sam's Company reported the following stockholders' equity account balances on December 31, 2014.

Preferred stock (12%, $100 par value, call price is $105) = 100,000

Common stock, $10 par value = 500,000

Other contributed capitalpremium on issue of common stock = 160,000

Retained earnings = 110,000

Total = $870,000

On December 31, 2014, Peterson, Inc. acquired 60% of Sam Company's common stock for $550,000 and 40% of its preferred stock for $55,000.

The difference between the implied value of the common stock (preferred stock) and the book value is allocated entirely to land (other contributed capital and noncontrolling interest).

Required:

• Prepare in general journal form the December 31, 2014, workpaper entries to eliminate the investment in common and preferred stock for each of the following independent cases:
• Case 1: The preferred stock is noncumulative and nonparticipating.
• Case 2: The preferred stock is cumulative and nonparticipating, and dividends were not paid in 2013 and 2014.
• Case 3: The preferred stock is noncumulative and fully participating.

Please help me determine how to calculate the amount for land.