On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2,276,000. At that time the capital stock and retained earnings of Sand Company were $1,800,000 and $700,000, 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

Inventory.....................................$45,000

Equipment (net)...............................50,000

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:

Required:
Prepare the eliminating/adjusting entries needed on the consolidated worksheet for the years ended 2013, 2014, and 2015. (It is not necessary to prepare the worksheet.)
1. Assume the use of the cost method.
2. Assume the use of the partial equity method.
3. Assume the use of the complete equity method.

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2013 2014 2015 Net Income Dividends $100,000 20,000 $80,000 15,000 $150,000 30,000