Question: EXERCISE 4 - 5 Eliminating Entries, Noncontrolling Interest LO 2 On January 1 , 2 0 2 4 , Plate Company purchased a 9 0

EXERCISE 4-5
Eliminating Entries, Noncontrolling Interest LO 2
On January 1,2024, Plate Company purchased a 90% interest in the common stock of Set Company for $650,000, an amount $20,000 in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings.
Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31,2024, follow:
\table[[,Set Company,Consolidated Balances],[1/1/2024 retained earnings,190,000,880,000],[Net income from above,132,000,420,000],[Dividends declared,(50,000)?,(88,000)?
EXERCISE 4-5 Eliminating Entries, Noncontrolling Interest LO 2 On January 1,2024,

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