Current Attempt in Progress

On December $31,2020,$ Wildhorse Company purchased a controlling interest in Waterway Company for $\backslash$$$1,200,000.$ The consolidated balance sheet on December $31,2020$ reported noncontrolling interest in Waterway Company of $\backslash (\backslash$$ $300,000\backslash ).$

On the date of acquisition, the stockholders' equity section of Waterway Company's balance sheet was as follows:

$($a$)$

$($b$)$

Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary land. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

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