Peel Corporation purchased 60 percent of Split Products Company's shares on December 31, 20X7, for $216,000. At that date, the fair value of the noncontrolling interest was $144,000. On January 1, 20x9. Peel purchased an additional 20 percent of Split's common stock for $99,000. Summarized balance sheets for Split on the dates indicated are as follows: December 31 2007 2009 Assets Cash $ 47,000 Accounts Receivable 58,000 $77,000 $ 97,000 98,000 128,000 Inventory Buildings & Equipment (net) 77,000 375,000 107,000 167,000 355,000 335,000 Total Assets $ 557,000 $ 637,000 $727,000 Liabilities & Equities Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equities $92,000 105,000 155,000 5 142,000 $182,000 205,000 105,000 155,000 235,000 105,000 155,000 285,000 $ 557,000 $ 637,000 $ 727,000 Split paid 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 Required: a. Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20x8 b. Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20x9 c. Prepare the consolidation entries needed as of December 31, 20X9, to complete a worksheet. Complete this question by entering your answers in the tabs below.