Please be thorough in explaining how you got to your numbers and the answer in general so I can learn from this, not just have the answers.

On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Company for $50,400. Additional data concerning these two companies for the years 2015 and 2016 are 2015 2016 Peters Smith $104,100 $23,400 $104,100 $23,400 43,600 10,100 9,600 123,300 55,500 ters Smith Common stock Other contributed capital Retained earnings, 1/1 Net income (loss) Cash dividends (11/30) 10,100 43,600 79,800 59,200 47,700 38,900 (4,700) 15,700 1,800 4,500 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. Your answer is partially correct. Try again Prepare the workpaper entries that would be made on a consolidated statements workpaper for the years ended December 31, 2015 and 2016 for Peters Company and its subsidiary, assuming that Smith Company's income is earned evenly throughout the year. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit 2015 Dividend Income 1440 Dividends Declared - Subsidiary Company (To record dividend income) Common Stock -Subsidiary Company Other Contributed Capital - Subsidiary Company 1440 23400 10100 Retained Earnings - Subsidiary Company 9600 Difference between Implied and Book Value 19900 Investment in Subsidiary 50400 Noncontrolling Interest 12600 (To eliminate investment in subsidiary and create noncontrolling interest) Land 19900 Difference between Implied and Book Value 19900 (To eliminate excess of the book value of equity acquired.) 2016 Investment in Subsidiary 36720 Retained Earnings - Parent Company (To establish reciprocity) Common Stock - Subsidiary Company Other Contributed Capital - Subsidiary Company Retained Earnings - Subsidiary Company 36720 23400 10100 55500 Difference between Implied and Book Value 19900 Investment in Subsidiary 87120 Noncontrolling Interest 21780 (To eliminate investment in subsidiary and create noncontrolling interest) On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Company for $50,400. Additional data concerning these two companies for the years 2015 and 2016 are 2015 2016 Peters Smith $104,100 $23,400 $104,100 $23,400 43,600 10,100 9,600 123,300 55,500 ters Smith Common stock Other contributed capital Retained earnings, 1/1 Net income (loss) Cash dividends (11/30) 10,100 43,600 79,800 59,200 47,700 38,900 (4,700) 15,700 1,800 4,500 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. Your answer is partially correct. Try again Prepare the workpaper entries that would be made on a consolidated statements workpaper for the years ended December 31, 2015 and 2016 for Peters Company and its subsidiary, assuming that Smith Company's income is earned evenly throughout the year. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit 2015 Dividend Income 1440 Dividends Declared - Subsidiary Company (To record dividend income) Common Stock -Subsidiary Company Other Contributed Capital - Subsidiary Company 1440 23400 10100 Retained Earnings - Subsidiary Company 9600 Difference between Implied and Book Value 19900 Investment in Subsidiary 50400 Noncontrolling Interest 12600 (To eliminate investment in subsidiary and create noncontrolling interest) Land 19900 Difference between Implied and Book Value 19900 (To eliminate excess of the book value of equity acquired.) 2016 Investment in Subsidiary 36720 Retained Earnings - Parent Company (To establish reciprocity) Common Stock - Subsidiary Company Other Contributed Capital - Subsidiary Company Retained Earnings - Subsidiary Company 36720 23400 10100 55500 Difference between Implied and Book Value 19900 Investment in Subsidiary 87120 Noncontrolling Interest 21780 (To eliminate investment in subsidiary and create noncontrolling interest)