Accounting for Equity Investments Harper purchased 35% of the outstanding shares of Maxwell Company on January 1 of the current year for $64,000 in cash. Maxwells plant assets with a book value of $131.200 were appraised at $136,000, and Maxwell has an unrecorded patent with a fair value of $4,000. All of the remaining assets and labilities were appraised at values approximating their book values. Assume that the undervalued plant assets have an estimated remaining useful life of 20 years, and the unrecorded patent has a useful life of 5 years. During the year, Maxwell reported net income of $52,000 and paid cash dividends to shareholders totaling $28,000 Required Prepare the entry to record Harper Company's equity in the earnings of Maxwell Company, including any amortization of the excess of fair value over book value of assets acquired in the financial statement effects template Note: For each account category, indicate the appropriate account name Enter "N/A" for any account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount Transaction Balance Sheet Cash Asset Nuncash Assets O Previous Save Answers Cash Investment income Investment in M Retained Earnings Income Statement Contrib Earned Net Capital Capital Revenues Expenses Next O