Show me the steps to solve Exercise SA$1-5$ Sale of equity method investment:

On January $1,2017,$ Lund Corporation purchases a $30\%$ interest in Aluma$-$Boat Company for $$200,000.$ At the time of the purchase, Aluma$-$Boat has total stockholders$$ equity of $$400,000.$ Any excess of cost over the equity purchased is attributed in part to machinery worth $$50,000$ more than book value with a remaining useful life of five years. Any remaining excess would be allocated to goodwill. Aluma$-$Boat reports the following income and dividend distributions in $2017$ and $2018$:

$20172018$

Income. $...........................$$$50,000$ $$45,000$

Dividends declared and paid $...........\mathrm{.}10,00010,000$

Lund sells its investment in Aluma$-$Boat Company on January $2,2019,$ for $$230,000.$ Record the sale of the investments assuming the use of the equity method. You may ignore income taxes. Carefully schedule the investment account balance at the time of the sale.