The Parent Company owns 90% of Sub Company Stock, with a cost of $900,000. Sub Company Equity Balances consist of: Common Stock: 189000 Other Contributed Captial: 62000 Retained Earnings: -27000 Any difference between book value of net assets and the value implied by the purchase price relates to subsidiary property plant and equipment. 1. The journal entry to eliminate Parent Company's investment in Sub Company in the preparation of a consolidated balance sheet at the date of acquisition would include a debit to Property Plant and Equipment for 713000 100000 x credit to Noncontrolling interest of Submit Question