Autumn Corporation purchased 80% of the stock in Fall Corporation on January 1, 2015, for $360,000. On that date, the fair value of the noncontrolling interest was $90,000. The book value and fair value information for Fall Corporation on 1/1/15 is as follows:

		Book Value	Fair Value
Cash		12,000	12,000
Accounts Receivable		30,000	30,000
Inventory		70,000	75,000
Land		50,000	65,000
PP&E		470,000	300,000
Accum. Depreciation		(235,000)
Accounts Payable		32,000	32,000
Common Stock		200,000
Retained Earnings		165,000
		460,000

Additional Information:

Fall Corporation uses the FIFO inventory method.

PP&E had a remaining economic life of 10 years.

Fall Corporation reported the following year-end information in 2015:

Net Income	50,000
Dividends	15,000

Fall Corporation reported the following year-end information in 2016:
	Net Income	80,000
	Dividends	20,000

1)	Prepare the journal entry for Autumn Corporation on 1/1/2015:

2)	Prepare the journal entries for Autumn Corporation 12/31/2015:
	(Assume Equity Method is used)

3)	Prepare the journal entries for Autumn Corporation 12/31/2016:
	(Assume Equity Method is used)