Timber, Inc. acquires $10\%$ of Lake Co$.$ on January $1,2022$ for $ $124,000$ and appropriately accounted for the investment using the fair$-$value method. On January $1,2023,$ Timber purchased an additional $25\%$ of Lake for $$390,000,$ achieving the ability to exert significant influence over Lake. On that date $($i$.$e$.,$ Jan. $1,2023),$ the fair value of Lakes common stock was $$1,560,000$ in total. Lakes January $1,2023,$ book value equaled $$1,280,000,$ although a land was undervalued by $ $70,000.$ Any additional excess cost over fair value was attributable to an undervalued patent with a $5-$year remaining life. During $2023,$ Lake reported net income of $$240,000$ and paid dividends of $$60,000.$

Based on the above information, use the prospective approach to account for the change to the equity method and determine the following numbers.

$1.$ The amount of annual excess amortization for $2023.$

$2.$ Excess allocated to land?

$3.$ To patent?

$4.$ The amount of equity income that Timber should report for $2023$

$5.$ the balance of Investment in Lake account at the end of $2023.$