Casper Co. paid $5,040,000 for 80% for a interest in Daniela Co.'s net assets. The book value and fair values of Daniela Co's net and liabilities on January 1, 2021 as follows: Book Value Fair Value $ $ $ $ Assets Current Assets Cash Accounts Receivables Inventories Prepaid Expenses Total Current Assets Property, plant and Equipment Land Building, net Equipment, net Total Property, Plant and Equipment Total Assets 2,200,000 2,100,000 3,000,000 600,000 7,900,000 $ $ $ $ $ 2,200,000 2,100,000 3,600,000 600,000 8,500,000 $ $ 2,700,000 $ 4,500,000 $ 3,600,000 $ 10,800,000 $ 18,700,000 $ 5,100,000 $ 6,000,000 $ 1,500,000 $ 12,600,000 $ 21,100,000 $ $ $ 3,400,000 600,000 4,000,000 $ 3,400,000 600,000 4,000,000 $ $ Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Other Current Liabilities Total Current Liabilities Long-term Debts Bonds Payable Total Liabilities Stockholders' Equity Capital Stock, $10 par value Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ 3,000,000 7,000,000 3,600,000 7,600,000 $ $ $ 9,000,000 $ 2,700,000 $ 11,700,000 $ 18,700,000 $ 4,400,000 $1,500,000 Daniela Co's reported net income for 2021: and paid dividends Additional information 1. Sold inventory in 2021 2. Bonds payable, maturity in 5 years. 3. Building useful life - 4-years. 4. Equipment useful life - 5-years. Instructions 1. Analyze the situation that is presented above, identify how much is the controlling interest and the noncontrolling interest. Also in the analysis you must identify how much is the excess. (8 points) 2. Prepare the journal entry to record purchases investment in Daniela Co. for Casper Co. 3. Prepare a schedule to allocate the investment differential relating to Casper Co. investment in Daniela Co. and calculate the goodwill. (10 points) 4. Calculate the Controlling and Noncontrolling Income from Daniela Co. for 2021. (5 points) 5. Determine the balance of Casper's Co. Investment in Daniela Co. account at December 31, 2021 and the balance of noncontrolling interest at December 31, 2021. (5 points) Casper Co. paid $5,040,000 for 80% for a interest in Daniela Co.'s net assets. The book value and fair values of Daniela Co's net and liabilities on January 1, 2021 as follows: Book Value Fair Value $ $ $ $ Assets Current Assets Cash Accounts Receivables Inventories Prepaid Expenses Total Current Assets Property, plant and Equipment Land Building, net Equipment, net Total Property, Plant and Equipment Total Assets 2,200,000 2,100,000 3,000,000 600,000 7,900,000 $ $ $ $ $ 2,200,000 2,100,000 3,600,000 600,000 8,500,000 $ $ 2,700,000 $ 4,500,000 $ 3,600,000 $ 10,800,000 $ 18,700,000 $ 5,100,000 $ 6,000,000 $ 1,500,000 $ 12,600,000 $ 21,100,000 $ $ $ 3,400,000 600,000 4,000,000 $ 3,400,000 600,000 4,000,000 $ $ Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Other Current Liabilities Total Current Liabilities Long-term Debts Bonds Payable Total Liabilities Stockholders' Equity Capital Stock, $10 par value Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ 3,000,000 7,000,000 3,600,000 7,600,000 $ $ $ 9,000,000 $ 2,700,000 $ 11,700,000 $ 18,700,000 $ 4,400,000 $1,500,000 Daniela Co's reported net income for 2021: and paid dividends Additional information 1. Sold inventory in 2021 2. Bonds payable, maturity in 5 years. 3. Building useful life - 4-years. 4. Equipment useful life - 5-years. Instructions 1. Analyze the situation that is presented above, identify how much is the controlling interest and the noncontrolling interest. Also in the analysis you must identify how much is the excess. (8 points) 2. Prepare the journal entry to record purchases investment in Daniela Co. for Casper Co. 3. Prepare a schedule to allocate the investment differential relating to Casper Co. investment in Daniela Co. and calculate the goodwill. (10 points) 4. Calculate the Controlling and Noncontrolling Income from Daniela Co. for 2021. (5 points) 5. Determine the balance of Casper's Co. Investment in Daniela Co. account at December 31, 2021 and the balance of noncontrolling interest at December 31, 2021. (5 points)