Center, Inc., purchases 24,000 shares of Bruce Corporation, which equates to an 80% interest, on January 1, 2015. The following determination and distribution of excess schedule is prepared:

Bruce Corporation reports net income of $35,000 for the six months ended July 1, 2018. Center€™s simple-equity-adjusted investment balance is $864,000 as of December 31, 2017. Prepare all entries for the sale of the Brown Corporation shares on July 1, 2018, for each of the following situations:
1. 24,000 shares are sold for $890,000.
2. 12,000 shares are sold for $455,000.
3. 6,000 shares are sold for $232,500.

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Determination and Distribution of Excess Schedule Parent Price 80% NCI Value 20%) $200,000 Company Implied Fair Value $1,000,000 Fair value of subsidiar Less book value of interest acquired: y. ..*... . $800,000 300,000 400,000 700,000 $700,000 $700,000 80% 20% Interest acquired... Excess of fair value over book value . .. . .. . .. Adjustment of identifiable accounts: $560,000 $240,000 $140,000 60,000 300,000 Amortization per Year $5,000 Worksheet Key debit D1 debit D2 Adjustment Life $50,000 250,000 Buildin S300,000