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Knox Corporation purchased 60 percent of Conway Company ownership on January 1, 20x7, for $277,500. Conway reported the following net income and dividend payments: Year Net Income Dividends Paid 20x7 $45,000 $25,000 20x8 55,000 35,000 20x9 30,000 10,000 On January 1, 20x7, Conway had $250,000 of $5 par value common stock outstanding and retained earnings of $150,000, and the fair value of the non-controlling interest was $185,000. Conway held land with a book value of $22,500 and a market value of $30,000 and equipment with a book value of $320,000 and a market value of $360,000 at the date of combination. The remainder of the differential at acquisition was attributed 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. c. Compute the balance reported by Knox as its investment in Conway at December 31, 20x8. d. Prepare the journal entries recorded by Knox with regard to its investment in Conway during 20x9. e. Prepare the elimination entries needed at December 31, 20x9, to prepare a three-part consolidation worksheet. E5-12 Consolidation For Three Years of Ownership Time 100% X7 X8 Book Value X9 Fair Value 2007 Equity Method Entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI 2007 Eliminating Entries: 2008 Equity Method Entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI 2008 Eliminating Entries: 2009 Equity Method Entries: Knox Corporation purchased 60 percent of Conway Company ownership on January 1, 20x7, for $277,500. Conway reported the following net income and dividend payments: Year Net Income Dividends Paid 20x7 $45,000 $25,000 20x8 55,000 35,000 20x9 30,000 10,000 On January 1, 20x7, Conway had $250,000 of $5 par value common stock outstanding and retained earnings of $150,000, and the fair value of the non-controlling interest was $185,000. Conway held land with a book value of $22,500 and a market value of $30,000 and equipment with a book value of $320,000 and a market value of $360,000 at the date of combination. The remainder of the differential at acquisition was attributed 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. c. Compute the balance reported by Knox as its investment in Conway at December 31, 20x8. d. Prepare the journal entries recorded by Knox with regard to its investment in Conway during 20x9. e. Prepare the elimination entries needed at December 31, 20x9, to prepare a three-part consolidation worksheet. E5-12 Consolidation For Three Years of Ownership Time 100% X7 X8 Book Value X9 Fair Value 2007 Equity Method Entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI 2007 Eliminating Entries: 2008 Equity Method Entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI 2008 Eliminating Entries: 2009 Equity Method Entries