On January 1, 2016, Aronsen Company acquired 75 percent of Siedel Company's outstanding shares. Siedel had a net book value on that date of $620,000: common stock ($15 par value) of $300,000 and retained earnings of $320,000.

Aronsen paid $540,000 for this investment. The acquisition-date fair value of the 25 percent noncontrolling interest was $180,000. The excess fair value over book value associated with the acquisition was used to increase land by $50,000 and to recognize copyrights (10-year remaining life) at $50,000. Subsequent to the acquisition, Aronsen applied the initial value method to its investment account.

In the 2016-2017 period, the subsidiary's retained earnings increased by $110,000. During 2018, Siedel earned income of $99,000 while declaring $39,000 in dividends. Also, at the beginning of 2018, Siedel issued 5,000 new shares of common stock for $45 per share to finance the expansion of its corporate facilities. Aronsen purchased none of these additional shares and therefore recorded no entry.

Prepare the appropriate 2018 consolidation entries (*C, C1, S, A, I, E) for these two companies.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)