Master Corporation acquired 80 percent ownership of Stanley Wood Products Company on January 1, 20X1, for $152,000. On that date, the fair value of the noncontrolling interest was $38,000, and Stanley reported retained earnings of $44,000 and had $98,000 of common stock outstanding. Master has used the equity method in accounting for its investment in Stanley.

Trial balance data for the two companies on December 31, 20X5, are as follows:

	Master Corporation					Stanley Wood Products Company
Item	Debit			Credit			Debit		Credit
Cash & Receivables	$	87,000				$	69,000
Inventory		263,000					92,000
Land		87,000					87,000
Buildings & Equipment		514,000					151,000
Investment in Stanley Wood Products Stock		186,080
Cost of Goods Sold		110,000					44,000
Depreciation Expense		22,000					12,000
Inventory Losses		12,000					5,000
Dividends Declared		34,000					20,400
Accumulated Depreciation			$	188,000				$	84,000
Accounts Payable				47,000					16,000
Notes Payable				257,520					90,400
Common Stock				287,000					98,000
Retained Earnings				301,000					88,000
Sales				204,000					104,000
Income from Subsidiary				30,560
	$	1,315,080	$	1,315,080		$	480,400	$	480,400

Additional Information

1.	On the date of combination, the fair value of Stanleys depreciable assets was $48,000 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written off over the following 10-year period.

2.

There was $13,000 of intercorporate receivables and payables at the end of 20X5.

Required:

a.	Prepare all journal entries that Master recorded during 20X5 related to its investment in Stanley. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
	Record the amortization of the excess acquisition price.