On January 1, 2015, IB Corporation Purchased 30 Percent of the Outstanding

On January 1, 2015, IB Corporation purchased 30 percent of the outstanding common shares, no-par, of CXT at $2 per share. CXT data on this date were as follows $\begin{array} { | l | l | l | } \hline & \text { Book Value } & \text { Market Value } \\\hline \text { Assets not subject to depreciation } & \$ 20,000 & \$ 24,000 \\\hline \text { Assets subject to depreciation (10 year life) } & 30,000 & 40,000 \\\hline \text { Liabilities } & 14,000 & \text { Same } \\\hline \text { Stockholders' equity (40,000 shares outstanding) } & 36,000 & \\\hline\end{array}$
Additional data for CXT, at end of accounting period December 31, 2015: (Significant influence is in existence)
2015 net income was $10,000; total 2015 cash dividends declared and paid was $4,000.
Required:
1. The goodwill purchased was $_____________________.
2. Give the required entries to account for this investment during 2015:
January 1, 2015:
December 31, 2015 Income: (Assume no entry is required for the assets not subject to depreciation):
3. The following amounts should be reported on the 2015 financial statements of IBC:
(a) Income statement: Investment revenue $____________________.
(b) Balance sheet: Investment, CXT $___________________.