How do you calculate the book valued acquired???

George Corporation paid $220,000 for 45% of Washington Corporation's outstanding voting common stock on July 1, 2018. Washington's stockholders' equity on January 1, 2018 was $240,000 consisting of $140,000 capital stock and $100,000 retained earnings. During 2018, Washington reported net income of $60,000 and on October 1, 2018, Washington declared dividends of $22,000. Washington's assets and liabilities were stated at fair values on July 1, 2018 except for land that was undervalued by $20,000 and equipment with a five-year remaining useful life that was undervalued by $15,000. Requirements 1. Perform the preliminary calculation to determine the excess of fair value over book value for the initial investment in Washington. 2 Prepare a schedule to assign the excess of cost over book value - see the slide titled "Cost/Book Value Assignment". 3. Prepare an Amortization schedule for the cost/book value differences similar to the one in the power point presentation. See the slide "Amortization and Investment Income". 4. Prepare all the journal entries that will be recorded on the books of George Company to account for this investment. (Initial purchase and activity for 2018). 5. Provide the calculation of the Investment in Washington Account at December 31, 2018. 220000 1. Preliminary Calculations Investment cost of 45% interest Book value acquired Excess cost over book value 220000 Your check figure is 98500