2. Cinema Company acquired 75 percent of Movie Corporation's shares on December 31, 2015, at underlying book value of $98,000. At that date, the fair value of the non-controlling interest was equal to 25 percent of the book value of Movie Corporation. Movie's balance sheet on January 1, 2018, contained the following balances: Cash $50,000 Accounts Payable $40,000 Accounts Receivable 35,000 Bonds Payable 100,000 Inventory 40,000 Common Stock 50,000 Buildings and Equipment 300,000 Additional Paid-In Capital 75,000 Less: Accumulated Depreciation Total Assets (100,000) Retained Earnings 60,000 $325,000 Total Liabilities and Equities $325.000 On January 1, 2018, Movie acquired 9,000 of its own $1 par value common shares from Nonaffiliated Corporation for $3 per share. Required: 1. Prepare a statement of ownership position for the activity on January 1, 2018. 2. Based on the preceding information prepare the entry Movie uses to record their transaction. 3. Based on the preceding information, what will be the journal entry required for Cinema Company to recognize the change in the book value of the shares it holds