The travis corporation purchased a 22% in scott company by procuring 5000 shares of the 25,000 outstanding shares of common stock. the acquisition price was $32.50 a share. on the date of this procurement, scott companys net assets were defined as the following: Non-depreciated current assets book value 65,000 fair value 73,000 difference 8,000 Depreciable assets book vaule 163,000 fair value 251,000 difference 15,000. Total asstes book value 228,000 fair value 251,000 difference 23,000. total liabilities book and fair value 90,000. During 2011 scott company had earned income of 76,000 and paid dividends of 16,000. the depreciated items have a useful life of 5 years remaining and no residual value.

Prepare all the necessary jouranl entries on Travis's books to record the acquistion and the events subsequent to the inital investments.