onnectmhedkucation.com/flow/connecthtml Help Save& Exit Check my w On January 1 2017 Palka, Inc, acquired 70 percent of the outstanding shares of Sellinger Company for $1649.200 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 $2,100,000 All assets acquired and lsabilities assumed had fair values equal to book values except for a patent (sx-year remaining life) that was undervalued on Sellinger's accounting records by $246,000 On January 1, 2018, Palka acquired an additional 25 percent common stock equity interest in Sellinger Company for $598 250 in cash On its internal records, Palka uses the equity method to account for its shares of Sellinger During the two years following the acquisition, Sellinger reported the following net incomg and dividends 350,000 180,000 515,000 220,000 a. Show Palka's journal entry to record its January 1, 2018, acquisition of an additional 25 percent ownership of Sellinger Company b. Prepare a schedule showing Palka's December 31 2018. equity method balance for its Investment in Selinger account shares Complete this question by entering your answers in the tabs below 2018, acquisition of an additional 25 percent ownership of Sellinger a transaction/everi, 1 elect ???Joril ontry requred' n tho first account Show paka's journal entry to record its January