Raj Ltd. issued 10,000 shares of $10 par common stock with a total market value of $800,000 to purchase 40 percent ownership of Akash Ltd. on January 1, 2014. Akash Ltd. had net assets of $2,250,000 at the beginning of the year. The information relatingto the difference between book values and fair values of Akash Ltd. on January 1, 2014, is as follows (in thousands): Book Value Fair Value S130,000 500,000 S150,000 Inventory Equipment-net (4 years useful life) Notes Payable (Due in 8 years) 460,000 220,000 300,000 Akash Lid, declared dividends of $160,000 on December I and reported S400,0X0 net income for the year. REQUIRED 1. Prepare a schedule for allocating the investiment cost over the book value/fair value of the interest acquired. 2. Prepare all necessary journal entries for Akash Ld. in 2014. 3. Caleulate the investment in Akash Ltd.'s balance at December 31, 2014.