Cardinal Company acquires an 80% interest in Huron Company common stock for $420,000 cash on January 1, 2015. At that time, Huron Company has the following balance sheet:

Assets Liabilities and Equity

Current Assets	$60,000	Accounts Payable	$60,000
Land	$100,000	Common Stock ($5 par)	$50,000
Equipment	$350,000	Paid-in capital in Excess of Par	$100,000
Accumulated Depreciation	($150,000)	Retained Earnings	$150,000
Total Assets	$360,000	Total Liabilities and Equity	$360,000

Appraisals indicate that accounts are fairly stated except for the equipment, which has a fair value of $240,000 and a remaining life of five years. Any remaining excess is goodwill.

Huron Company experiences the following changes in retained earnings during 2015 and 2016:

Retained Earnings, January 1, 2015 $150,000

Net Income, 2015 $50,000

Dividends Paid in 2015 (10,000) 40,000

Balance, December 31, 2015 $190,000

Net Income, 2016 $45,000

Dividends paid in 2016 (10,000) $35,000

Balance, December 31, 2016 $225,000

Prepare a determination and distribution of excess schedule for the investment in Huron Company (a value analysis is not needed). Prepare journal entries that Cardinal Company would make on its books to record income earned and/or dividends received on its investment in Huron Company during 2015 and 2016 under the following methods: simple equity, sophisticated equity, and cost.