Patriot Corporation acquired $75\%$ ownership of Seahawk Corporation on January $1,20$X$8,$ for $$300,000.$ The fair value of the noncontrolling interest was $$100,000.$ At that date, Seahawk reported common stock outstanding of $$100,000$ and retained earnings of $$180,000.$ The differential is assigned to equipment, which had a fair value $$60,000$ greater than book value and a remaining economic life of $5$ years at the date of the business combination. The remaining excess is considered goodwill. Seahawk reported net income of $$40,000$ and paid dividends of $$10,000$ in $20$X$8.$

$1.$ What is the amount of goodwill?

$2.$ Provide the journal entries recorded by Patriot during $20$X$8$ on its books if it accounts for its investment in Seahawk using the equity method. INCLUDES INVESTMENT JOURNAL ENTRY, $75\%$ SHARE OF INCOME ENTRY, $75\%$ SHARE OF DIVIDEND ENTRY, AMORTIZATION OF EXCESS ACQUISITION PRICE ENTRY

$3.$ Give the consolidating entries needed at December $31,20$X$8,$ to prepare consolidated financial statements. INCLUDES BASIC CONSOLIDATION ENTRY, AMORTIZED EXCESS VALUE RECLASSIFICATION ENTRY, EXCESS VALUE $($DIFFERENTIAL$)$ RECLASSIFICATION ENTRY