On January 1, 2013 Master Corporation acquired 80% of Stanley Wood Products Company's outstanding shares by paying $150,000 in cash. On that date, the fair value of the noncontrolling interest was $37,500 and Stanley reported retained earnings of $42,000 and had $98,000 of common stock outstanding. Master has used the equity method in accounting for investment in Stanley. Trial balance data for the two companies on December 31, 2017 are as follows:

	Master			Stanley
	Debit	Credit		Debit	Credit
Cash & Receivables	$ 85,000	$?		$ 70,000	$?
Inventory	270,000			92,000
Land	82,000			82,000
Buildings & Equipment	296,000			87,000
Investment in Stanley	185,720
Cost of Goods Sold	117,000			42,000
Depreciation Expense	20,000			10,000
Inventory Losses	10,000			6,000
Dividends Declared	42,000			19,600
Accounts Payable		55,000			19,000
Notes Payable		212,920			103,600
Common Stock		294,000			98,000
Retained Earnings		308,000			88,000
Sales		208,000			100,000
Income from Subsidiary		29,800
	$ 1,107,720	$ 1,107,720		$ 408,600	$ 408,600

Additional Information

1. On the date of combination, the fair value of Stanleys depreciable assets was $47,500 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written off over the following 10-year period.

2. There was $12,000 of intercorporate receivables and payables at the end of 2017.

Required:

a) Prepare all equity method journal entries that Master recorded during 2017 related to its investment in Stanley.

b) Prepare the consolidation entries

*Please ensure that the solution is correct as this problem is similar to one that is being graded and I'd like to correctly understand the problem

For reference, here are some previously solved problems that are this same problem, but with different values and instructions:

https://www.chegg.com/homework-help/questions-and-answers/master-corporation-acquired-80-percent-ownership-stanley-wood-products-company-january-1-2-q9215555

https://www.chegg.com/homework-help/questions-and-answers/master-corporation-acquired-80-percent-ownership-stanley-wood-products-company-january-1-2-q9080563

https://www.chegg.com/homework-help/advanced-financial-accounting-8th-edition-chapter-5.46-problem-1-solution-9780073526911?trackid=a4b023f6603d&strackid=457fee57c060&ii=3