On January $1,2018,$ Hay Co$.$ paid $$610,000$ for $30\%$ of the voting common stock of Joy Corp giving it the ability to exercise significant influence over the company. At the time of the investment, Joy had net assets with a book value and fair value of $$2,000,000($no difference existed between the two values$).$ During $2018,$ Joy incurred a net loss of $$75,000$ and paid dividends of $$110,000.$ Any excess cost over book value is attributable to goodwill with an indefinite life. Prepare in Excel.

Required

a$)$ Prepare a schedule to show the amount of goodwill from Hay's investment in Joy.

b$)$ Prepare a schedule to show the balance in Hay's investment account at December $31,2018$