Peter Company acquired 80 percent of the common stock of Paul Company on January 1, 2022, when Paul had the following balances in its stockholders equity accounts: Common stock (40,000 shares outstanding) $ 100,000 Additional paid-in capital 75,000 Retained earnings, 1/1/22 540,000 Total stockholders equity $ 715,000 To acquire this interest in Paul, Peter pays a total of $592,000. The acquisition-date fair value of the 20 percent noncontrolling interest was $148,000. Any excess fair value was allocated to goodwill, which has not experienced any impairment. Peter uses the equity method to account for its investment in Paul. On January 1, 2023, Paul has retained earnings of $620,000.

1- On January 1, 2023, Paul issues 10,000 additional shares of common stock for $15 per share. Peter does not acquire any of this newly issued stock. What is the adjustment (if any) required to the investment account? What is the journal entry for the adjustment if one is needed?

2. On January 1, 2023, Paul reacquires 8,000 of the outstanding shares of its own common stock for $24 per share. None of these shares belonged to Peter. What is the adjustment (if any) required to the investment account? What is the journal entry for the adjustment if one is needed?

Please provide clear calculations.