3. Equity Method Investments (15 points) Charger, Inc. purchased 35% of Raider, Corp.'s outstanding common stock by issuing Charger's common stock worth $100,000 (the total par value of issued shares was $5,000) and paying $70,000 in cash on December 31, 2019; the stock and cash were paid to acquire outstanding stock in Raider Corp. Below is the balance sheet for Raider (and the fair value of Raider's assets and liabilities) before the purchase: RAIDER, CORP BALANCE SHEET ON 12/31/19 Book Fair Value Value Cash $ 100,000 100,000 Accounts Receivable (net) 90,000 90,000 Inventory 80,000 86,000 Land 75,000 60,000 Equipment 364,000 300,000 Accumulated Depreciation (34,000) Patent 30,000 Total $675.000 Current Liabilities Long-term debt $ 55,000 160,000 55,000 160,000 Common stock APIC Retained earnings Total 10,000 240,000 210,000 $675.000 During 2020, Raider generated $80,000 in net income and declared and paid $35,000 in dividends. Required: a) Make Charger's journal entry to record the acquisition on 12/31/19 and determine the implied goodwill in the acquisition. (5 pts) b) Make all Charger's required journal entries for 2020, assuming the differential related to Inventory will clear in 2020, the estimated remaining economic life of the depreciable assets is ten years, and the economic life of the patent is four years. (10 pts)