28. On January 1, year A, Phantom Inc. purchased 70 percent of the common stock of Stranger Company for $1,470,000. At that date, Stranger's Stockholders Equity consisted solely of $1,300,000 of common stock outstanding and retained earnings of $500,000. $140k of the acquisition differential is properly allocated to a building with a book value of $350,000 and a remaining life of 10 years. (Hint: thus, there will be goodwill.] Phantom's retained earnings balance at December 31, 2000, was $1,100,000. The income and dividend figures for both Phantom and Stranger for 2001 are as follows: Income Dividends Phantom $550,000* $140,000 Stranger $360,000 $60,000 * The income figure given for Phantom excludes any income from the investment in Stranger; that is, it is P's "separate income. Provide the following: A) Compute S's confirmed Net Income for year A.[340k] B) Compute Total Consolidated Net Income for year A.[890k] C) Compute Minority Interest in Subsidiary Income for year A.[102k] D) Phantom's share of Consolidated Net Income for year A.[788k] E) The Total Noncontrolling Interest (MINCI-S) in the year A Consolidated Balance Sheet.[714k] F) Compute consolidated Retained Earnings as of December 31, year A.[1748k] G) Calculate P's III for year A.[238k] H) Calculate P's EOY "Investment in Stranger balance.[1666k] 1) Calculate total Goodwill.[100k] Hint: first prepare the DOA reconciliation as shown in class; then calculate year A Consolidated Net Income - P's share according to the 'short/quick method' shown in class