The following consolidation worksheet journal entry was made on the consolidation date:

De. Common Stock $300,000

De. APIC $60,000

De. Retained Earnings $120,000

De. Land $50,000

De. Inventory $50,000

De. Building $100,000

De. Trademarks $70,000

De. Goodwill $580,000

Cr. Investment in S $780,000

Cr. Equipment $30,000

Cr. NCI $520,000

1. How much is ECOBV?

2. How much is Equity in S's earnings of P Share in S?

P Co. obtained 60% of the common stock of S Co. on January 1, 2017 for $780,000 in cash. As of that date, S had the following trial balance: Debit Credit $ 70,000 60,000 140,000 70,000 300,000 Accounts receivable Additional paid-in capital Buildings net (20-year life) Cash and short-term investments Common stock Equipment net (5-year life) Inventory Land Liabilities Retained earnings, 1/1/17 240,000 110,000 90,000 240,000 120,000 Totals $ 720,000 $ 720,000 As of January 1, 2017, S's land had a fair market value of $140,000, its inventory was valued at $160,000 (this was sold in 2017), buildings were valued at $240,000, its equipment was appraised at $210,000, and trademarks at $70,000 (10-year life). P decided to use the equity method to account for this investment in its books. During 2017, S reported net income of $146,000 while paying dividends of $12,000. Also on 1/1/2017, S sold a building to P for $160,000 (book value of the building in S's books was $110,000). The building had remaining useful life of 10 years and no salvage value. P retained possession of the building as of Dec 31, 2017. P Co. obtained 60% of the common stock of S Co. on January 1, 2017 for $780,000 in cash. As of that date, S had the following trial balance: Debit Credit $ 70,000 60,000 140,000 70,000 300,000 Accounts receivable Additional paid-in capital Buildings net (20-year life) Cash and short-term investments Common stock Equipment net (5-year life) Inventory Land Liabilities Retained earnings, 1/1/17 240,000 110,000 90,000 240,000 120,000 Totals $ 720,000 $ 720,000 As of January 1, 2017, S's land had a fair market value of $140,000, its inventory was valued at $160,000 (this was sold in 2017), buildings were valued at $240,000, its equipment was appraised at $210,000, and trademarks at $70,000 (10-year life). P decided to use the equity method to account for this investment in its books. During 2017, S reported net income of $146,000 while paying dividends of $12,000. Also on 1/1/2017, S sold a building to P for $160,000 (book value of the building in S's books was $110,000). The building had remaining useful life of 10 years and no salvage value. P retained possession of the building as of Dec 31, 2017