Required information On January 4, 2018, Bailey Corp. purchased 40% of the voting common stock of Emery Co., paying $3,000,000. Bailey properly accounts for this investment using the equity method. At the time of the investment, Emery's total stockholders' equity was $5,000,000. Bailey gathered the following information about Emery's assets and liabilities whose book values and fair values differed Book Value FairValue Buildings (20-year life) Equipment (5-year life) Franchises (10-year life) $ 1,000,000 1,800,000 2,000,000 0 700,000 1,500,000 Any excess of cost over fair value was attributed to goodwill, which has not been impaired. Emery Co. reported net income of $400,000 for 2018, and paid dividends of $200,000 during that year. Vhat is the amount of excess amortization expense for Bailey's investment in Emery for the first year