Mareska Co issued 10,000 of $10 par common stock with a total market value of $800,000, to purchase 40% ownership of Novi Inc on January 1, 2014. Novi Inc. had net assets of $2,250,000 at beginning of the year. The information related to the difference between book value and fair value of Novi nc on January 1, 2014 is as follows (in thousands): PV-Bv Book Value Fair Value Inventory $130,000 $150,000 Equipment-net (4 y useful life) 500,000 460,000 Notes Payable (due in 8 y) 300,000 220,000 Novi Inc declared dividends of $160,000 on December 1 and reported $400,000 net income for the year. Required (40%): 1. Ptepare a schedule for allocating the investment cost over book value/fair value interest acquired 2. Prepare all necessary journal entries for Novi Inc in 2014 3. Calculate investment in Novi Inc Balance at December 31, 2014