Broc Corp purchased 8,000 of Cauli Corps 10,000 common shares on January 1, 2020 for $320,000. On the date of acquisition, Cauli Corp had shareholders equity as follows: Common Shares (10,000 outstanding) $100,000 Preferred Shares (8,000 outstanding see note) $40,000 Retained Earnings $280,000 Note: preferred shares are $2, cumulative, with a liquidation value of 1.00. At January 1, 2020 the preferred shares were 2 years in arrears. At the acquisition date, all of Cauli Corps net assets had carrying values equal to their fair values except for a piece of equipment that had a fair value that was $25,000 in excess of its carrying value, with a remaining useful life of 5 years. Questions:

1. What is goodwill at the date of acquisition?

2. What is the amount of Non-Controlling Interest (NCI) at the date of acquisition?

3. If Cauli Corp earns income of $100,000 in 2020, what portion of consolidated net income will be attributable to NCI (assume no dividends were paid in 2020)?

4. In the allocation of Cauli Corps equity at the date of acquisition, what portion of retained earnings will be allocated to preferred shareholders?

5. At the date of acquisition, what is the amount of Caulis preferred shares in arrears?

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