Milani, Inc., acquired $10$ percent of Seida Corporation on January $1,2020,$ for $$195,000$ and appropriately accounted for the investment using the fair$-$value method. On January $1,2021,$ Milani purchased an additional $30$ percent of Seida for $$606,000$ which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $$2,020,000$ in total. Seida's January $1,2021,$ book value equaled $$1,870,000,$ although land was undervalued by $$138,000.$ Any additional excess fair value over Seida's book value was attributable to a trademark with an eight$-$year remaining life. During $2021,$ Seida reported income of $$287,000$ and declared and paid dividends of $$118,000.$

Prepare the $2021$ journal entries for Milani related to its investment in Seida. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

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$3$

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$5$

Record $2021$ amortization for trademark excess fair value.

Note: Enter debits before credits.

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