Chapter 7 Exercise 3: Sale of interest, loss of control. Rob company purchases a 90% interest in Venus company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment. which is being depreciated over 20 years. Both companies and their reporting periods on December 31. Sine the investment in Venus company is consolidated, Rob company chooses to use the cost method to maintain its investment. On December 31, 2020, Rob company selly 8,000 shares of Venus company for $700,000. The following stockholder's equity balances of Venus company are available. January 1, 2017 January 1, 2020 Common Stock (10 Par) $100,000 $100,000 Retained Earnings $250,000 $420,000 Venus company earns $70,000 during 2020. Prepare a determination and distribution of excess schedule. Record the sale of the shares of Venus company and any other adjustments needed to the investment account.