b. Prepare the consolidation entry or entries needed to prepare consolidated financial statements at December 31, 20X1. (If no entry is required for a transaction/event, select "No journal entry...

B Record the amortized excess value reclassification entry. C Record the excess value (differential) reclassification entry. "/>
Extracted text: b. Prepare the consolidation entry or entries needed to prepare consolidated financial statements at December 31, 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction lat A Record the basic consolidation entry. > B Record the amortized excess value reclassification entry. C Record the excess value (differential) reclassification entry.


Extracted text: Public Corporation acquired 90 percent of Station Company's voting common stock on January 1, 20X1, for $502,200. At the time of the combination, Station reported common stock outstanding of $123,000 and retained earnings of $390,000, and the fair value of the noncontrolling interest was $55,800. The book value of Station's net assets approximated market value except for patents that had a market value of $45,000 more than their book value. The patents had a remaining economic life of ten years at the date of the business combination. Station reported net income of $65,000 and paid dividends of $23,000 during 20x1. Required: a. What balance did Public report as its investment in Station at December 31, 20X1, assuming Public uses the equity method in accounting for its investment? Balance in investment account