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Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $190,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani purchased an additional 30 percent of Seida for $600,000 which resulted in significant influence over Seida. On that date, the fair value of Seidas common stock was $2,000,000 in total. Seidas January 1, 2018, book value equaled $1,850,000, although land was undervalued by $120,000. Any additional excess fair value over Seidas book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $300,000 and declared and paid dividends of $110,000. Prepare the 2018 journal entries for Milani related to its investment in Seida.

Parta. Equity income-2017 Basic equity (income) accrual Amortization Equity income-2017 Equity income-2018 Basic equity (income) accrual Amortization Equity income-2018 Acquisition price 2017 equity income 2017 dividends received 2018 equity income 2018 dividends received Investment in Sheffield-12/31/18 Gain on sale of investment in Sheffield Sales price (given) Book value 1/1/19 (above) Gain on sale of investment x 40% 2017 intra-entity gross profit to be recognized in 2018 Ending inventory Gross profit percentage Intra-entity gross profit Belden's ownership Intra-entity gross profit recognized in 2018 30% Deferral of 2018 intra-entity ending inventory gross profit into 2019 Ending inventory ?? Gross profit percentage x 45% Intra-entity gross profit Belden's ownership * 30% Intra-entity gross profit deferred Equity Income-2018 2018 equity income (part a above) Recognition of 2017 intra-entity profit (part c abov Deferral of 2018 intra-entity profit (part c above) Equity Income-2018