Public Corporation acquired $90$ percent of Station Company's voting common stock on January $1,201,$ for $$490,500.$ At the time of the combination, Station reported common stock outstanding of $$123,000$ and retained earnings of $$382,000,$ and the fair value of the noncontrolling interest was $$54,500.$ The book value of Station's net assets approximated market value except for patents that had a market value of $$40,000$ more than their book value. The patents had a remaining economic life of ten years at the date of the business combination. Station reported net income of $$60,000$ and paid dividends of $$23,000$ during $201.$

Required:

a$.$ What balance did Public report as its investment in Station at December $31,201,$ assuming Public uses the equity method in accounting for its investment?

Balance in investment account

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

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