Vision corporation acquired 75% of the stock of meta company on january 1, 2007 for $225,000. at that date, the fair value of the non-controlling interest was $75,000.

On January 1, 2009, Vision sold shares 1,500 shares of Meta's $10 par value for $60,000 in cash. Meta's balance sheet at the time of the sale contained the following amounts:

Cash $40,000 Accounts Payable $50,000

Accounts Receivable 40,000 Bonds Payable 50,000

Inventory 20,000 Common Stock 100,000

Buildings & Equipment (net) 300,000 Retained Earnings 200,000

Total Assets $400,000 Total Liabilities & Equities $400,000

During the year of 2009 Meta had income of $30,000 and paid dividends of $10,000. Vision used the fully adjusted equity method in accounting for its ownership of Meta Company.

1. Prepare an analysis of the ownership position.

2. Prepare the entry recorded by Vision to record the sale of the shares assuming excess of the sale price over the carrying value is recorded as an increase in Paid in Capital.