Brown Corporation purchased 100 percent ownership of Patriot Company on January 1,205, for $350,000. On that date, the book value of Patriot's reported net assets was $300,000. The excess over book value paid is attributable to depreciable assets with a remaining useful life of 10 years. Net income and dividend payments of Patriot in the following periods were as shown below: a. Prepare journal entries on Brown Corporation's books relating to its investment in Patriot Company for each of the three years, assuming it accounts for the investment using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. . Calculation of annual amortization of excess over book value 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. For an answer to be graded as correct, you must use an Excel formula: nows 4 to 8 . The output cells for sti 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 Brown Corporation purchased 100 percent ownership of Patriot Company on January 1,205, for $350,000. On that date, the book value of Patriot's reported net assets was $300,000. The excess over book value paid is attributable to depreciable assets with a remaining useful life of 10 years. Net income and dividend payments of Patriot in the following periods were as shown below: a. Prepare journal entries on Brown Corporation's books relating to its investment in Patriot Company for each of the three years, assuming it accounts for the investment using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. . Calculation of annual amortization of excess over book value 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. For an answer to be graded as correct, you must use an Excel formula: nows 4 to 8 . The output cells for sti 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3