Panther Corporation currently holds an 85 percent interest in Solano Systems, and reports the noncontrolling interest in Solano at $3,500,000 on its balance sheet. Panther acquires the remaining 15 percent interest in Solano, paying the following consideration: Cash of $4,500,000, 100,000 new shares of Panther, having apar value of $0.50 per share and a fair value of $18/share, and notes payable of $400,000.

Prepare Panthers journal entry to record acquisition of the noncontrolling interest in Solano