Johannes Inc. acquired $80$ percent of Corner Brook Ltd$.$ common shares on January $1,$ Year $4,$ for $$788,000.$ At that date, the fair value of the non$-$controlling interest was $$197,000.$ Corner Brook$$s balance sheet contained the following amounts at the time of the combination:

Cash $ $77,000$ Accounts Payable $ $117,000$

Accounts Receivable $151,000$ Bonds Payable $599,000$

Inventory $51,000$ Common Shares $($$$10$ par value$)400,000$

Construction Work in Progress $961,000$ Retained Earnings $585,000$

Other Assets $($net$)461,000$

Total Assets $ $1,701,000$ Total Liabilities & Equities $ $1,701,000$

During each of the next three years, Corner Brook reported net income of $$142,000$ and paid dividends of $$82,000.$ On January $1,$ Year $6,$ Johannes sold $8,800$ of the Corner Brook shares for $$282,000$ in cash. Johannes used the equity method in accounting for its ownership of Corner Brook.

Required:

$($a$)$ Compute the balance in the investment account reported by Johannes on January $1,$ Year $6,$ before its sale of shares. $($Omit $ sign in your response.$)$

Balance prior to sale of shares $

$884000$

$($b$)$ Prepare the entry recorded by Johannes when it sold the Corner Brook shares. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$