Hi there I have looked through Chegg and there are a lot of incorrect answers. Please answer my question and its various parts correctly. Thank you. Please do not just copy and put a wrong answer. Only right answers.

On January 1, 2023, Palka, Incorporated, acquired 70 percent of the outstanding shares of Sellinger Company for $1,222,900 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date, Sellinger had a total book value of $1,470,000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $267,000. On January 1, 2024, Palka acquired an additional 25 percent common stock equity interest in Sellinger Company for $467,500 in cash. On its internal records, Palka uses the equity method to account for its shares of Sellinger. During the two years following the acquisition, Sellinger reported the following net income and dividends: Required: a. Show Palka's journal entry to record its January 1, 2024, acquisition of an additional 25 percent ownership of Sellinger Company shares. b. Prepare a schedule showing Palka's December 31, 2024, equity method balance for its Investment in Sellinger account. Show Palka's journal entry to record its January 1,2024 , acquisition of an additional 25 percent ownership of Sellinger Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the acquisition of an additional 25 percent ownership of Sellinger Company shares. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a schedule showing Palka's December 31, 2024, equity method balance for its Investment in Sellinger account. Note: Amounts to be deducted should be indicated with a minus sign. On January 1, 2023, Palka, Incorporated, acquired 70 percent of the outstanding shares of Sellinger Company for $1,222,900 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date, Sellinger had a total book value of $1,470,000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $267,000. On January 1, 2024, Palka acquired an additional 25 percent common stock equity interest in Sellinger Company for $467,500 in cash. On its internal records, Palka uses the equity method to account for its shares of Sellinger. During the two years following the acquisition, Sellinger reported the following net income and dividends: Required: a. Show Palka's journal entry to record its January 1, 2024, acquisition of an additional 25 percent ownership of Sellinger Company shares. b. Prepare a schedule showing Palka's December 31, 2024, equity method balance for its Investment in Sellinger account. Show Palka's journal entry to record its January 1,2024 , acquisition of an additional 25 percent ownership of Sellinger Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the acquisition of an additional 25 percent ownership of Sellinger Company shares. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a schedule showing Palka's December 31, 2024, equity method balance for its Investment in Sellinger account. Note: Amounts to be deducted should be indicated with a minus sign