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On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2.291,100. At that time the common stock and retained earnings of Sand Company were $1,801,600 and $731,300, respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows: Fair Value in Excess of Book Value $44,400 Inventory Equipment (net) 50,400 The book values of all other assets and liabilities of Sand Company were equal to their fair values on January 1, 2013. The equipment had a remaining useful life of eight years. Inventory is accounted for on a FIFO basis. Sand Company's reported net income and declared dividends for 2013 through 2015 are shown here: 2013 2014 $151,700 2015 $80,600 $101,900 Net Income Dividends 20.800 31,300 14,700 Prepare the eliminating/adjusting entries needed on the consolidated worksheet for the years ended 2013, 2014, and 2015. Assume the use of the cost method. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2013 (To eliminate intercompany dividends) (To eliminate the investment account) (To allocate and depreciate the difference between implied and book value) 2014 (To establish reciprocity/convert to equity method as of 1/1/2011) (To eliminate intercompany dividends) (To eliminate investment account and create noncontrolling interest account) (To allocate and depreciate the difference between implied and book value) 2015 (To establish reciprocity/convert to equity method as of 1/1/2012) (To eliminate intercompany dividends) (To eliminate investment account and create noncontrolling interest account) (To allocate and depreciate the difference between implied and book value)

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