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Knox Corporation purchased 60 percent of Conway Company ownership on January 1, 20X7, for $280,500. Conway reported the following net income and dividend payments: Year Net Income Dividends Paid 20X7 $ 53,000 20X8 63,000 43,000 20X9 38,000 18,000 $ 33,000 On January 1, 20X7, Conway had $253,000 of $10 par value common stock outstanding and retained earnings of $153,000, and the fair value of the noncontrolling interest was $187,000. Conway held land with a book value of $25,500 and a market value of $33,000 and equipment with a book value of $329,000 and a market value of $369,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of 10 years. All depreciable assets held by Conway at the date of acquisition had a remaining economic life of eight years. Required: a. Compute the increase in the fair value of patents held by Conway. b. Prepare the elimination entries needed at January 1, 20X7, to prepare a consolidated balance sheet. a. Record the initial investment in Conway Corp. b. Record basic elimination entry. c. "Record excess value (differential) reclassification entry. c. Compute the balance reported by Knox as its investment in Conway at January 1, 20X9. d. Prepare the journal entries recorded by Knox with regard to its investment in Conway during 20X9. a. Record Knox Corp.'s 60% share of Conway Corp.'s 20X9 income. b. Record Knox Corp.'s 60% share of Conway Corp.'s 20X9 dividend. c. Record Knox Corp's 60% share of amortization of excess acquisition price. e. Prepare the elimination entries needed at December 31, 20X9, to prepare a three-part consolidation worksheet. a. Record basic elimination entry. b. Record the amortization of excess value. c. Record the differential reclassification entry