On December 31, 20X4, Puzzle Corporation acquired 90 percent of Sunday Inc's common stock for $864,000. At that date, the fair value of the noncontrolling interest was $96,000. Of the $240,000 differential, $5,000 related to the increased value of Sunday's inventory, $75,000 related to the increased value of its land, $60,000 related to the increased value of its equipment, and $50,000 was associated with a change in the value of its notes payable due to increasing interest rates. Sunday's equipment had a remaining life of 15 years from the date of combination. Sunday sold all inventory it held at the end of 20x4 during 20X5; the land to which the differential related also was sold during the year for a large gain. The amortization of the differential relating to Sunday's notes payable was $7,500 for 20x5. At the date of combination, Puzzle reported retained earnings of $120,000, common stock outstanding of $500,000, and premium on common stock of $100,000. For the year 20x5, it reported net income of $150,000 but paid no dividends. Puzzle accounts for its investment in Sunday using the equity method. Required: a. Present all entries that Puzzle would have recorded during 20x5 with respect to its investment in Sunday. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet