Johannes Inc. acquired 80 percent of Corner Brook Ltd. common shares on January 1, Year 4, for $768,000. At that date, the fair value of the non-controlling interest was $192,000. Corner Brooks balance sheet contained the following amounts at the time of the combination: During each of the next three years, Corner Brook reported net income of $132,000 and paid dividends of $72,000. On January 1, Year 6, Johannes sold 8,800 of the Corner Brook shares for $272,000 in cash. Johannes used the equity method in accounting for its ownership of Corner Brook. Cash $ 72,000 Accounts Payable $ 112,000 Accounts Receivable 146,000 Bonds Payable 604,000 Inventory 46,000 Common Shares ($10 par value) 400,000 Construction Work in Progress 956,000 Retained Earnings 560,000 Other Assets (net) 456,000 Total Assets $ 1,676,000 Total Liabilities & Equities $ 1,676,000 Required: (a) Compute the balance in the investment account reported by Johannes on January 1, Year 6, before its sale of shares. (b) Prepare the entry recorded by Johannes when it sold the Corner Brook shares.