Garrison acquires $40$ percent of the outstanding voting stock of Larson Company on January $1,2023,$ for $$610,000$ in cash. The book value of Larson's net assets on that date was $$1,200,000,$ although one piece of the company's equipment, with a $$60,000$ carrying $($book$)$ amount, was worth $$160,000.$ This piece of equipment had an $8-$year remaining life. In addition, Larson owned a franchise agreement with a $10-$year remaining life that was overvalued by $$80,000($i$.$e$.,$ the market value was $$80,000$ lower than its book value$).$

Larson reported a $$152,000$ net income in $2023.$ The company managed to declare and pay a $$25,000$ cash dividend during the year.

Larson sold inventory with an original cost of $$90,000$ to Garrison during $2023$ at a transfer price of $$120,000.$ Garrison still held $$32,000$ of the transfer price in inventory as of December $31,2023.$ These goods were to be sold to outside parties during $2024.$

During $2024,$ Larson reported a $$30,000$ net loss and a $$25,000$ other comprehensive income. It made additional inventory sales with a transfer price of $$80,000$ to Garrison during the period. The original cost of the merchandise was $$55,000.$ All but $25$ percent of this inventory had been resold to outside parties by the end of $2024.1.(40$ points$)$ Garrison uses the equity method to record all investment$-$related entries. Prepare all journal entries for Garrison for $2023$ and $2024$ in connection with this investment. Provide supporting calculations as needed to get credit.

$($Hint: There are about $10$ entries to record the initial investment in Larson, equity income from Larson, other comprehensive income$($loss$),$ amortization of excess payment, dividend declaration and payment, and the necessary adjustments related to deferred profit from the sales of inventory from Larson to Garrison.$)$