PX Corporation paid $180,000 cash for 45% of the voting common stock of SE Inc. on January 1, 2018. Book value and fair value information for SE on this date is as follows: of Book Fair stion Assets Values Values Cash $60,000 $60,000 Accounts receivable 120,000 120,000 Inventories 80,000 100,000 Equipment 340,000 400,000 $ 600,000 $ 680,000 $200,000 $200,000 Liabilities & Equities Accounts payable Note payable Capital stock Retained earnings 120,000 100,000 200,000 80,000 Liabilities & Equities $200,000 $200,000 Accounts payable Note payable 120,000 100,000 Capital stock 200,000 Retained earnings 80,000 $600,000 $300,000 a Required: Prepare a Schedule for Allocating the Excess of Investment Cost over the Book Value of the Interest Acquired. b- Additionally to the information provided, below is further information: SE reported 200,000 net income. Distributed 80,000 dividends on 31/Dec. Inventories of SE Inc were sold in the same year. Equipment depreciated in 10 years Notes payable due in 4 years. Record the journal entries as on 1 Jan, and as on 31/Dec