Allocation and Depreciation of Differences between Implied and Book Value Time Warner acquires all of the stock of Northsouth Cable on January 1, 2013, for $40,000,000 in cash. Northsouth's book value at the date of acquisition is All of Northsouth's recorded assets and liabilities ate earned at fair value, but it has previously unrecorded customer-related intangible assets valued at $10,000.000 that are capitalizable under the requirements of ASC Topic 805. These intangibles have an estimated life of 5 years, straight-line. Northsouth reports net income of $8,000.000 for 2013, and pays dividends of $1, 500,000. It is determined through impairment testing that acquired goodwill is impaired by $600,000 and the customer-related intangibles are not impaired. Time Warner uses the complete equity method to account for its investment in Northsouth on its own books. Present, in journal entry form, the eliminating entries needed to consolidate the trial balances of Time Warner and Northsouth at December 31.2013. Calculate the amount Time Warner reports for 2013 as equity in net income of Northsouth on its own books. Complete the following consolidation worksheet assuming that Pasco uses the equity method. (Force out certain amounts in the Paxco and Saxco columns, as necessary.)