Plug Corporation acquired $35$ percent of Spark Corporation$$s stock on January $1,20$X$8,$ by issuing $25,000$ shares of its $$2$ par value common stock. Spark Corporation$$s balance sheet immediately before the acquisition contained the following items:

SPARK CORPORATION

Balance Sheet

January $1,20$X$8$

Book Value Fair Value

Assets

Cash & Receivables $ $40,000$ $ $40,000$

Inventory $($FIFO basis$)80,000100,000$

Land $50,00070,000$

Buildings and Equipment $($net$)240,000320,000$

Total Assets $ $410,000$ $ $530,000$

Liabilities & Equities

Accounts Payable $ $70,000$ $ $70,000$

Common Stock $130,000$

Retained Earnings $210,000$

Total Liabilities & Equities $ $410,000$

Shares of Plug were selling at $$8$ at the time of the acquisition. On the date of acquisition, the remaining economic life of buildings and equipment held by Spark was $20$ years. The amount of the differential assigned to goodwill is not impaired. For the year $20$X$8,$ Spark reported net income of $$70,000$ and paid dividends of $$10,000.$

Required:

Prepare the journal entries recorded by Plug Corporation during $20$X$8$ related to its investment in Spark Corporation.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.