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On December $31,2020,$ Shamrock Company purchased a controlling interest in Ivanhoe Company for $$1,440,000.$ The consolidated

balance sheet on December $31,2020$ reported noncontrolling interest in Ivanhoe Company of $$360,000.$

On the date of acquisition, the stockholders' equity section of Ivanhoe 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 manully. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all

debit entries before creditentries.$)$

Account Titles and Explanation

Debit

Credit

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