On January 1, 2017, Maddox Company acquired Smoltz Corporation by issuing 46,000 shares of its $1 par common stock with a market value of $11 per share. A building on Smoltzs books was undervalued by $30,000, resulting in annual amortization of $1,500. Also, there was an unrecorded patent valued at $70,000, resulting in annual amortization of $7,000. The separate 2017 financial statements for Maddox and Smoltz are presented below. Required: Prepare the journal entry to record the investment in the subsidiary. Show the computation of Equity Income for 2017. Show the computation of Equity Investment at December 31, 2017. Prepare all necessary consolidation entries for a 2017 worksheet.