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:

Commonstock $\backslash$$$555,000$

Other contributed capital $405,000$

$($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 $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Credit

Difference between Implied and Book Values

Common Stock $-$ Wildhorse

Other Contrilbuted Capltal $-$ Wildhorse

Retalned Earnings $-$ Wildhorse