On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,405.600 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1,650,000 All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life that was undervalued on Sellinger's accounting records by $348,000. On January 1, 2021. Palka acquired an additional 25 percent common stock equity interest in Sellinger Company for $553 750 in cash On its internal records, Palko uses the equity method to account for its shares of Sellinger During the two years following the acquisition Sellinger reported the following net income and dividends: 2020 2021 Het income $ 555,000 $ 653,000 Dividends declared 290,000 230,000 .. Show Palka's journal entry to record Its January 1, 2021, acquisition of an additional 25 percent ownership of Selinger Company shares b. Prepare a schedule showing Palka's December 31, 2021, equity method balance for its Investment in Sellinger account Complete this question by entering your answers in the tabs below. Required A Required Show Palla's Journal entry to record its January 1, 2021. acquisition of an additional 25 percent ownership of Sellinger Company shares. (if no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction lit Journal entry worksheet Record the acquisition of an additional 25 percent ownership of Sellinger Company shares. Tit Enter detta before credits General Journal Debit Credit Date January 01, 2021