Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2019 for $387,000. At the time of purchase, Song Company's total stockholder's equity amounted to $475,000. Income and dividend distributions for Song Company for 2018 through 2020 as follows: Net Income (Loss) Dividend Distribution 2019 2020 2021 $63,500 $52,500 -$55,000 $25,000 $50,000 $35,000 Prepare journal entries on the books of Percy Company from the date of purchase through 2021 to account for its investment in Song Company under the equity method. The difference between the book value of equity acquired and the value implied by the purchase price was attributed solely to an excess market over book values of depreciable assets, with a remaining useful life of 10 years