Park Company purchased 90% of the stock of Salt Company on January 1, 2019, for $424,010, an amount equal to $15,500 in excess of the book value of equity acquired. This excess payment relates to an undervaluation of SaltCompanys land. On the date of purchase, SaltCompanys retained earnings balance was$45390. The remainder of the stockholders equity consists of no-par common stock. During2018, Salt Company declared dividends in the amount of $9600, and reported net income of$40,000. The retained earnings balance of SaltCompany on December 31, 2022, was $160,200.Park Company uses the cost method to record its investment.

1.Prepare the entry to establish reciprocity and show work on the amount(2023)

2.In eliminating investment in sub and creating non-controlling interest, we need to credit non-controlling interest. Determine the amount for this credit entry(for 2023).