On January 2, 2024, Barley Corporation purchased 40% of the…

On Jаnuаry 2, 2024, Bаrley Cоrpоratiоn purchased 40% of the voting common stock of Wheat Company, paying $3,000,000. Barley properly accounts for this investment using the equity method. At the time of the investment, Wheat’s total stockholders’ equity was $5,000,000. Barley gathered the following information about Wheat’s assets and liabilities whose book values and fair values differed:   Book Value Fair Value Buildings (20-year life) $ 1,000,000 $ 1,800,000 Equipment (5-year life) 1,500,000 2,000,000 Franchises (10-year life) 0 700,000 Any excess of cost over fair value was attributed to goodwill, which has not been impaired. Wheat reported net income of $400,000 for 2024, and paid dividends of $200,000 during that year.What is the amount of excess amortization expense for Barley’s investment in Wheat for the first year?