Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $197,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani purchased an additional 30 percent of Seida for $688,000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,090,000 in total. Seida's January 1, 2018 book value equaled $1,940,000, although land was undervalued by $130,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $288,000 and declared and paid dividends of $116,000. Prepare the 2018 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.)

Mllani, Inc., acquiredl 10 percent of Selda Corporaion on January 1, 2017, for $197000 and appropriately accounted for the Invesment using the fair-value method. On January 1, 2018, Milani purchased an additonal 30 percent of Seida for $688,000 which resulted in signiticant infuence over Seida On that dete, the fair value of Seida's common stock was $2.090,000 in total Seides January 1, 2018 book value equaled $1,940,000, although land was undervalued by $130,000. Any acditional excess fair value over Selda's book veue wes ettributable to a trademark wth en 8-yeer remaining life. During 2018, Seida reported income of $288,000 and dleclared and paid dividernds of $116,000 Prepare the 2018 journal entries for Milani related to its investrment in Seida (f no entry is required for a transaction event, select "No journal entry required" in the first account field.) 10 points View transaction list Book Journal entry worksheet Print Roferences Record acquisition of Seida stock Nobe: Enter debits before credits. Transaction General Journal Deblt Credit Record entry Clear entry Viewr general journal