Play Company acquired 70 percent of Screen Corporation's shares on December 31, 20x5, at underlying book value of $98,000. At the date, fair value of the noncontrolling interest was equal to 30 percent of the book value of Screen Corporation. Screen's balance sheet on January 1, 20x8, contained the following balances:

Cash 50,000

Accounts Receivable 35,000

Inventory 40,000

Building/Equipment 300,000

Less:Accumulated Depreciation (100,000)

Total Assets 325,000

Accounts Payable 40,000

Bonds Payable 100,000

Common Stock 50,000

Additional Paid-In Capital 75,000

Retained Earnings 60,000

Total Liabilities and Equities 325,000

On January 1, 20x8, Screen acquired 5,000 of its own $2 par value common shares from Nonaffiliated Corporation for $6 per share.

1. Based on the preceding information, what is the increase in the book value of the equity attributable to the parent as a result of the repurchase of shares by Screen Corporation?

2. Based on the preceding information, what will the journal entry to be recorded on Play Company's books to recognize the change in the book value of the shares it holds?