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Peel Corporation purchased $60$ percent of Split Products Company's shares on December $31,207,$ for $$216,000.$ At that date, the fali value of the noncontrolling interest was $$144,000.$ On January $1,209,$ Peel purchased an additional $20$ percent of Split's common stock for $$100,000.$ Summarized balance sheets for Split on the dates indicated are as follows:

Split paid dividends of $$21,000$ in each of the three years. Peel uses the equity method in accounting for its investment in Split and amortizes all differentials over $10$ years against the related investment income. All differentials. are assigned to patents in the consolidated financial statements.

Required:

a$.$ Compute the balance in Peel's Investment in Split Products Company Stock account on December $31,208.$

b$.$ Compute the balance in Peel's Investment in Split Products Company Stock account on December $31,209.$

c$.$ Prepare the consolidation entries needed as of December $31,20$X$9,$ to complete a worksheet.

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Compute the balance in Peel's Investment in Split Products Company Stock account on December $31,209.$

Balance in investment account

$5361,000(x)$