On January $1,2021,$ Bugs Bunny Company acquired $80\%$ of the common stock of What$$s Up$,$ Doc? Company for $$1,260,000.$ On this date What$$s Up$?$ had total owners' equity of $$950,000($common stock, other paid$-$in capital, and retained earnings of $$100,000,$ $$320,000,$ and $$530,000$ respectively$).$You are doing this problem for the END OF THE FIRST YEAR On January $1,2021,$ Bugs Bunny Company acquired $80\%$ of the common stock of What's Up$,$ Doc? Company for $$1,260,000.$ On this date What's Up$?$ had total owners' equity of $$950,000($common stock, other paid$-$in capital, and retained earnings of $$100,000,$$$320,000,$ and $$530,000$ respectively$).$ Any excess of cost over book value is attributable to Inventory $($worth $$7,000$ less than cost, FIFO is used for inventories$),$ Equipment $($worth $$16,000$ less than book value, a remaining life of five years$)$ and Building $($worth $$180,000$ more than book value, a remaining life of $20$ years$)$ Patent $($not on What's Up$?$ balance sheet, worth $$30,000,$ a remaining life of $10$ years$)$ Land $($worth $$175,000$ more than book value$)$ Bonds Payable $($fair value $$18,000$ more than book value, remaining life of $12$ years$)$ Any other excess is attributed to Goodwill. Straight$-$line depreciation is used. Bugs Bunny has appropriately accounted for its investment in What's Up$,$ Doc? using the simple equity method. What's Up$?$ Reported net income for $2021$ of $$130,000$ and paid dividends of $$40,000.$ On the year$-$end Balance Sheet Bugs Bunny's total in the "Investment in What's Up$?"$ is $$1,332,000.$ Required: a$.$ Using the information above prepare a determination and distribution of excess schedule $(2$ points$)$ b$.$ Using your$-$step$-$by$-$step guide, make the necessary journal entries here to eliminate the Investment in Subsidiary account and for the excess amortization and depreciation $(4$ points$)$ c$.$ Bonus $-$ do the income split calculating the share of What's Up Doc? that will be allocated to the NCI and the amount that will be allocated to the Parent after your journal entries in $"$b$"(1$ point, show all calculations$)$