On January 1, 2020, Pioneer Company purchased 80% of the common stock of Shipley Company for $600,000. On this date, Shipley's stockholders' equity consisted of the following: Common stock Other contributed capital Retained earnings $220,000 90,000 320,000 Any difference between implied and book value relates only to equipment (10-year remaining useful life). During 2020, Shipley distributed a dividend in the amount of $10,000 and at year- end reported $180,000 net income. Pioneer Company uses the equity method to record its investment Instructions: A. Calculate the Implied Value of Shipley Company at the date of acquisition. B. Compute the allocation of the difference between implied and excess fair value at the date of acquisition. C. Prepare on Pioneer Company's books the journal entries to record all activities for 2020. D. Prepare the necessary workpaper entries at December 31, 2020