Question: just need help with part B please On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Company for $52,900. Additional

just need help with part B please

$Peters Company purchased 80\% of the common stock of Smith Company for$

$52,900. Additional data concerning these two companies for the years 2015 and

2016 are: Any difference between book value and the value implied by

On May 1, 2015, Peters Company purchased 80\% of the common stock of Smith Company for $52,900. Additional data concerning these two companies for the years 2015 and 2016 are: Any difference between book value and the value implied by the purchase price relates to Smith Company's land. Peters Company uses the cost method to record its investment. Calculate controlling interest in consolidated net income and consolidated retained earnings for 2015 and 2016. Dividends Declared - Subsidlary Company (To record dividend income) Common Stock-Subsidiary Company Other Contributed Capital-Subsidiary Company Retained Earnings - Subsidiary Company Difference between Implied and Book Value Subsidiary Income Purchased Investment in Subsidiary Noncontrolling interest (To eliminate investment in subsidiary and create noncontrolling interest) Land Difference between Implied and Book Value (To eliminate excess of the book value of equity acquired.) 2016 Investment in Subsidiary (To eliminate excess of the book value of equity acquired.) Investment in Subsidiary 20880 Retained Earnings - Parent Company 20880 (To establish reciprocity) Common Stock-Subsidiary Company Other Contributed Capital - Subsidiary Company Retained Earnings - Subsidiary Company Land 7225 Investment in Subsidiary Noncontrolling interest (To eliminate investment in subsidiary and create noncontrolling interest)

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