Pool Company purchased 90% of the outstanding common stock of Spruce Company on December 31, 2014, for cash. At that time the balance sheet of Spruce Company was as follows: Current assets $1,118,100 Plant and equipment 1,071,150 Land 161,920 Total assets $2,351,170 Liabilities $892,050 Common stock, $20 par value 877,900 Other contributed capital 466,210 Retained earnings 210,410 Total 2,446,570 Less treasury stock at cost, 4,770 shares 95,400 Total equities $2,351,170 (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Prepare the elimination entry required for the preparation of a consolidated balance sheet workpaper on December 31, 2014, assuming the purchase price of the stock was $1,455,600. Assume that any difference between the book value of net assets and the value implied by the purchase price relates to subsidiary land