Problem $1$

Parker, Inc., acquired $10$ percent of Simon Corporation on January $1,2019,$ for $$462,000$ although Simon$$s book value on that date was $$3,740,000.$ Simon held land that was undervalued by $$220,000$ on its accounting records. During $2019,$ Simon earned a net income of $$528,000$ while paying cash dividends of $$198,000.$ On January $1,2020,$ Parker purchased an additional $30$ percent of Simon for $$1,320,000.$ Simon$$s land is still undervalued on that date, but then by $$264,000.$ Any additional excess cost was attributable to a trademark with a $10-$year life for the first purchase and a $9-$year life for the second. The initial $10$ percent investment had been maintained at cost because fair values were not readily available. The equity method will now be applied. During $2020,$ Simon reported income of $$660,000$ and distributed dividends of $$242,000.$

Prepare all of the $2020$ journal entries for Parker. Note: Credits are indicated by parentheses.