EXERCISE 4-11 Allocation of Difference between Book Value and the Value Implied by the Purchase Price, Parent Company Entries, Three Methods LO 2 LO 4 LO 5 On January 1, 2022, Plutonium Corporation acquired 80% of the outstanding stock of Sulfurst Inc. for $268.000 cash. The following balance sheet shows Sulfurst Inc.'s book values immediately prior to acquisition, as well as the appraised values of its assets and liabilities by Plutonium's experts. Sulfurst Inc.'s Market Values $ 90,000 Sulfurst Inc.'s Book Values $ 90,000 100,000 170,000 Current assets Property, plant & equipment: Land Building & machinery (net) Total assets Total liabilities Common stock, $5 par value Additional paid-in-capital Retained earnings Total liabilities and equities $100,000 80,000 170,000 $340,000 $100,000 100,000 20,000 120,000 $340,000 Dar C. Prepare journal entries under each of the following methods to record the information above on the books of Plutonium Corporation for the years 2022 and 2023, assuming that all depreciable assets have a remaining life of 20 years. (1) Plutonium uses the cost method to account for its investment in Sulfurst. (2) Plutonium uses the partial equity method to account for its investment in Sulfurst. (3) Plutonium uses the complete equity method to account for its investment in Sulfurst