Peel Corporation purchased $60$ percent of Split Products Company's shares on December $31,207,$ for $$216,000.$ At that date, the fair

value of the noncontrolling interest was $$144,000.$ On January $1,209,$ Peel purchased an additional $20$ percent of Split's common

stock for $$95,000.$ Summarized balance sheets for Split on the dates Indicated are as follows:

Split pard dividends of $$22,000$ in each of the three years. Peel uses the equity method in accounting for its investment in Split and

amortizes all differentials over $10$ years against the related investment income. All differentials are assigned to patents in the

consolidated financial statements.

Requlred:

a$.$ Compute the balance in Peel's Investment in Split Products Company Stock account on December $31,20$x$8.$

b$.$ Compute the balance in Peel's Investment in Split Products Company Stock account on December $31,209.$

c$.$ Prepare the consolidation entries needed as of December $31,20$X$9,$ to complete a worksheet.

Answer is complete but not entirely correct.

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Compute the balance in Peel's Investment in Split Products Company Stock account on December $31,209.$