(2 points) P Company reports its 10,000 shares of S Company at $40 per share. P Company then purchases an additional 60,000 shares of S Company for $65 each and gains control of S Company. What must be done with respect to the valuation of the shares previously owned? What is the amount to be recognised assuming that $65 per share price is the appropriate fair value for all shares (i.e. there is no control premium for the new shares purchased)? Reporting Goodwill (3 points) Samper Company reported the book value of its net assets at $160,000 when Public Corporation acquired 100 percent of its voting stock for cash. The fair value of Samper's net assets was determined to be $190,000 on that date. Required Determine the amount of goodwill to be reported in consolidated financial statements presented immediately following the combination and the amount at which Public will record its investment in Samper if the amount paid by Public is a. $310,000. b. $196,000. C. $150,000. Goodwill Recognition Spur Corporation reported the following balance sheet amounts on December 31, 20X1: Balance Sheet Item Historical Fair Value Cost $ 50,000 100,000 40,000 400,000 (150,000) $ 40,000 150,000 30,000 350,000 Cash & Receivables Inventory Land Plant & Equipment Less: Accumulated Depreciation Patent Total Assets Accounts Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities 130,000 $700,000 $ 85,000 $440,000 $ 80,000 200,000 20,000 140,000 $440,000 Required Blanket acquired Spur Corporation's assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Blanket made to record the purchase. Submit you answer in excel