Perkin Corporation owns 100% (300,000 shares) of outstanding shares of Schmidt Corporation's common stock on January 1,25X1. Its investment in Schmidt account on this date is $4,400,000 equal to Schmidt 4,000,000 stockholders' equity plus $400,000 goodwill. During 20x1, Schmidt reports net income of $600,000 and pays no dividends, Perkin reports net income of $800,000. on April 1, 20X1, Perkin Corp. sells a 10% interest (30,000 shares) in Schmidt for $ 450,000, thereby reducing its holding to 90 %. Required : 1. Prepare the journal entries needed for Perkin to Account for its investment in Script for 20x1. 2. Controlling the share of net income for 20x1. 3. Compute the "excess of change in ownership interest subsidiary. 4.Explain where the "excess" should be shown