4.P Corporation was seeking to expand its customer base, and wanted to acquire a company in a market area it had not yet served. P inc determined that the S Company was already in the market they were pursuing, and on January 1, 2011, they purchased a 25% interest in Sinc to assure access to Sinc customer base. Pinc paid $800,000, at a time when the book value of Sinc net equity was $3,000,000. S inc. book values equaled their fair values except for the following items: Inventories Land Building-net Equipment-net Book Value $150,000 80,000 220,000 260,000 Fair Value $200,000 100,000 180,000 310,000 Difference $ 50,000 20,000 (40,000) 50,000 Required: Prepare a schedule to allocate any excess purchase cost to identifiable assets and goodwill. 1. Amount Assigned To Inventories, 2. Amount Assigned To Land, 3. Amount Assigned To building-net 4. Amount Assigned To Equipment-net 5. Amount Assigned To Goodwill *