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Public Corporetion ocquired 90 percent of Station Compony's voting common stock on Jonuary 1, 20X1, for $515,700. At the time of the combintion, Station reported common stock outstanding of $129,000 and retoined earmings of $389,000, and the fair volue of the noncontrolling interest wos $57,300. The bookvalue of Station's net assets approximoted market value except for potents that had a morket value of $55,000 more than their book value. The potents hod o remaining economic life of five years at the dote of the business combination. Stotion reported net income of $75,000 and poid dividends of $22,000 during 201. Required: a. Whot bolance did Public report as its investment in Stotion at December 31, 20x1, ossuming Public uses the equity method in occounting for its investment? b. Prepore the consolidation entry or entries needed to prepore consolidated finencial stotements at December 31,201. Note: If rio entry is required for a transactionlevent, select "No journal entry required" In the first account field. A Record the basic consolidation entry. \& Record the amortized excess value reclassification entry, C Record the excess value (differential) reclassification entry. Note : joumal entry has been entered