Public Corporation acquired $90$ percent of Station Company$$s voting common stock on January $1,20$X$1,$ for $$503,100.$ At the time of the combination, Station reported common stock outstanding of $$125,000$ and retained earnings of $$384,000,$ and the fair value of the noncontrolling interest was $$55,900.$ The book value of Station$$s net assets approximated market value except for patents that had a market value of $$50,000$ more than their book value. The patents had a remaining economic life of five years at the date of the business combination. Station reported net income of $$70,000$ and paid dividends of $$24,000$ during $20$X$1.$

Prepare the consolidation entry or entries needed to prepare consolidated financial statements at December $31,20$X$1.$

$1.$ Record the basic consolidation entry.

$2.$ Record the amortized excess value reclassification entry.

$3.$ Record the excess value $($differential$)$ reclassification entry.