Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both companies end their reporting periods on December 31. Since the investment in Venus Company is consolidated, Rob Company chooses to use the cost method to maintain its investment.

On December 31, 2020, Rob Company sells 8,000 shares of Venus Company for $700,000. The following stockholders’ equity balances of Venus Company are available:

Venus Company earns $70,000 during 2020. Prepare a determination and distribution of excess schedule. Record the sale of the shares of Venus Company and any other adjustments needed to the investment account.