Through the payment of $14,890,000 In cash, Drexel Company acquires voting control over Young Company. This price is pald for 70 percent of the subsidlary's 150,000 outstanding common shares ($40 par value) as well as all 30,000 shares of 6 percent, cumulative, $100 par value preferred stock. Of the total payment, $3.2 millon is attributed to the fully participating preferred stock with the remalnder pald for the common. This acquisition is carried out on January 1, 2018, when Young reports retalned earnings of $10.1 millilon and a total book value of $19.1 million. The acquisition-date falr value of the noncontrolling Interest in Young's common stock was $5,010,000. On this same date, a building owned by Young (with a 6-year remalning life) Is undervalued In the financial records by $210,000, whlle equipment with a 5-year remalning Iife Is overvalued by $110,000. Any further excess acquisition-date falr value Is assigned to a brand name with a 20-year remalning life During 2018, Young reports net Income of $910,000 whlle declaring $410,000 In cash dividends. Drexel uses the Initial value method to account for both of these Investments. Prepare appropriate consolidation entries for 2018. (If no entry is required for a transactlon/event, select "No Journal entry required" In the first account field. Enter your answers In whole dollars and not In millions.)