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Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $319,700. On that date, Sales Company's stockholders' equity consisted of common stock, $90,700; other contributed capital, $37,000; and retained earnings, $149,600. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $162,100 and declared and paid a $46,100 dividend. Pert Company used the partial equity method to record its investment in Sales Company. Assume that during 2015 Sales Company earned $197,500 and declared and paid a $46,100 dividend. (a) Your answer is correct. Prepare the investment-related entries on Pert Company's books for 2015. (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 o for the amounts.) Account Titles and Explanation Debit Credit (Investment in Subsidiary 167875 Equity in Subsidiary Inc 167875 (To record equity income (loss)) Cash 39185 39185 Investment in Subsidiai (To record dividend income) (b) Your answer is partially correct. Try again. Prepare the workpaper eliminating entries for a workpaper on December 31, 2015. (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. Round answers to o decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit Equity in Subsidiary Incorr 137785 Dividends Declared - Si 39185 98600 Investment in Subsidiai (To record equity income (loss) and dividend income) Common Stock - Subsidiar 90700 Other Contributed Capital 37000 Retained Earnings - Subsic 149600 X Difference between Implie Investment in Subsidiai 319700 Noncontrolling Interest (To eliminate investment in subsidiary and create noncontrolling interest) Land Difference between Implie (To eliminate excess of the book value of equity acquired.)