26. P Company buys 80 perent of s Company on January 1, 2017, for $150,000. At the time S's common stock was $100,000 and retained earnings totaled $80,000. It was determined that S's assets and liabilities were all at their fair value except for land. The tria on December 31, 2017, are listed below: l balances of P&S P Company Debit Credit S Company Debit Credit Cash Receivables (Net) Inventory, January 1 Investment in S Plant & Equipment (net) Land Accounts Payable Other Liabilities Common Stock ($10 Par) Retained Earnings, January 1 Dividends declared Sales Dividend income Purchases Expenses 10,000 $ 25,000 10,000 15,000 150,000 225,000 100,000 11,000 9,000 185,000 80,000 24,000 80,000 250,000 135,000 $ 10,000 100,000 100,000 80,000 15,000 20,000 75,000 130,000 16,000 25,000 55,000 40,000 $635,000 $635,000 365,000 $365,000 Inventory, December 31 S 12,000 10,000 Find the difference between implied and book value by preparing a Computation and Allocation Schedule