Krieger Krisp Donuts, Inc. acquired 40% of the voting common shares of Delevan Bakers Corporation…

Krieger Krisp Donuts, Inc. acquired 40% of the voting common shares of Delevan Bakers Corporation on January 1, 2018, at a total cost of $2,785,000, when its fair value was $6,962,500. At acquisition, the reported book value of Delevan Bakers’ net assets was $6,337,500. The difference between Delevan’s fair value and the book value of its net assets is due to the fair value of equipment that is higher than its book value. The equipment has a 20-year remaining useful life. This investment allows Krieger to exert significant influence over the operating and financing policies of Delevan. At the end of 2018, Delevan reported $769,500 in net income and declared and paid $123,475 in dividends for the period. What journal entries should Krieger record related to its investment in Delevan Bakers? What is the amount of the investment in Delevan Bakers at December 31, 2018?

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