On January $1,2020,$ Franklin Bear Inc. $($FBI$)$ acquired a $55\%$ interest in Franklin Cub Inc. $($FCI$)$FBI paid for the transaction with $$3$ million cash and $500,000$ shares of FBI common stock $($par value $$1\mathrm{.}00$ per share$).$ At the time of the acquisition $,$ FCI's book value was $ $16,970,000.$ On January $1,$ the acquisition date, FBI stock had a market value of $$14\mathrm{.}90$ per share and there was no control premium in this transaction. Any consideration transferred over book value is assigned to goodwill. FCI had the following balances on January $1,2020.$ Book Fair Value Value Land $$1,700,000$ $ $2,550,000$ Buildings $($seven$-$year remaining life$)2,700,0003,400,000$ Equipment $($five$-$year remaining life$)3,700,0003,300,000$ For internal reporting purposes $,$ FBI employed the equity method to account for this investment $.$ Part I: Prepare a schedule to determine goodwill $,$ and the amortization and allocation amounts $.(12$ points$)$