Can somebody help part b? I have the information that I'm going to need. I just don't know how to get the deferred gain on downstream sale of land.

Prince Corporation holds 75 percent of the common stock of Sword Distributors Inc., purchased on December 31, mm, for $2,160,000. At the date of acquisition, Sword reported common stock with a par value of$920,000, additional paid-in capital of $1,270,000, and retained earnings of $530,000. The fair value of the noncorltrolling interest at acquisition was $720,000. The differential at acquisition was attributable to the following items: Inventory {sold in 203(2) 5 40,000 Land 56,000 Goodwill 64,000 Total Differential $160,000 During 20x2, Prince sold a plot of land that it had purchased several years before to Sword at a gain of $22,400; Sword continues to hold the land. In 20KB, Prince and Sword entered into a veyear contract under which Prince provides management consulting services to Sword on a continuing basis; Sword pays Prince a fixed fee of $88,000 per year for these services. At December 31, 2OX8, Sword owed Prince $22,000 as the final 20X8 quarterly payment under the contract. On January 2, 20KB, Prince paid $260,000 to Sword to purchase equipment that Sword was then carrying at $300,000. Sword had purchased that equipment on December 27, 20x2, for $450,000. The equipment is expected to have a total 15year life and no salvage value. The amount of the differential assigned to goodwill has not been impaired. At December 31, 20KB, trial balances for Prince and Sword appeared as follows: Prince Corporation Sword Distributors Inc. Iten Debit Credit Debit Credit Cash 5 59,700 5 47,000 Current Receivables 113,800 101,400 Inventory 290,000 230,900 Investment in Sword Distributors 2,836,600 Land 411,390 1,216,000 Buildings 8 Equipment 2,480,000 3,180,000 Cost of Goods Sold 2,125,000 521,000 Depreciation 8 Amortization 196,000 70,000 Other Expenses 1,380,000 211,000 WEPI ELLOLIVII & AIVI LICOLLUII Other Expenses 1, 380, 000 211, 900 Dividends Declared 42,000 12, 900 Accumulated Depreciation $1, 099, 000 403, 900 Current Payables 91, 200 528, 300 Bonds Payable 805, 000 183, 000 Common Stock 81, 900 920, 500 Additional Paid-in Capital 1, 265, 000 1, 270, 000 Retained Earnings, January 1 1, 464, 800 1, 320, 000 Sales 4,937, 600 994, 900 Other Income or Loss 95, 000 34, 900 Income from Sword Distributors 145, 500 Total $9,984, 100 $9,984, 100 $5, 623,300 $5, 623,300 As of December 31, 20X8, Sword had declared but not yet paid its fourth-quarter dividend of $5,000. Both companies use straight-line depreciation and amortization. Prince uses the fully adjusted equity method to account for its investment in Sword. Required: Compute the amount of the differential as of January 1, 20X8. Answer is complete and correct. Remaining differential $ 120,000 Verify the balance in Prince's Investment in Sword Distributors account as of December 31, 20X8.sword retained earnings 13'13'18 sword net income 21318 sword dividends 24318 sword stockholders equitv: common stock additional paid in capital retained earnings 1H31f218 stockholder's equityr 123'31f18 prince's ownership of share remaining ditferenetial deferred gain on downstream sale of land loss on sale of equipment reverse part of loss on sale of equipment balance in investment in sword account