Problem 1. On January 1, 2018, Hay Co. paid $610,000 for 30% of the voting common stock of Joy Corp. At the time of the investment, Joy had net assets with a book value and fair value of $2,000,000. During 2018, Joy incurred a net loss of $75,000 and paid dividends of $110,000. Any excess cost over book value is attributable to goodwill with an indefinite life. Required a) Prepare a schedule to show the amount of goodwill from Hay's investment in Joy. b) Prepare a schedule to show the balance in Hay's investment account at December 31, 2018.