Public Corporation acquired 90 percent of Station Company's voting common stock on January 1, 20x1, for $486,000. At the time of the combination, Station reported common stock outstanding of $120,000 and retained earnings of $380,000, and the fair value of the noncontrolling interest was $54,000. 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 five years at the date of the business combination. Station reported net income of $60,000 and paid dividends of $20,000 during 20X1. Required: a. What balance did Public report as its investment in Station at December 31, 20x1, assuming Public uses the equity method in accounting for its investment? Balance in investment account $ 514,800 b. Prepare the consolidation entry or entries needed to prepare consolidated financial statements at December 31, 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries > Record the basic consolidation entry. Note: Enter debits before credits. Debit Credit Event 1 Accounts Income from Station Company Record entry Clear entry view consolidation entries