On January 1, 2015, Standard Co. bought 40% of the outstanding common stock of Exchange $ 380,000 cash. Standard Co. accounts for this investment by the equity method. At the date of each of the stock. Exchange Corp's net assets had a carrying value of $630,000. Assets with an average remaining life of five years have a current fair value that is $160,000 in excess of their carrying values. The remaining difference between the purchase price and the value of the underlying stockholder's equity cannot be attributed to any identifiable tangible or intangible asset. Accordingly, the remaining difference is allocated to goodwill. At the end of 2015, Exchange Corp reports net income of 2015, Corp declared net income of $210,000. During 2015, Exchange Corp. declard and paid cash dividends of $30,000. Instructions: Give the entries necessary to reflect Standard Co'.s investment in Exchange Corp for 2015