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Consolidation Eliminating Entries, Date of Acquisition and Two Years Later Plaza Hotels acquired a 90 percent interest in Stardust Casinos on January 1, 2020 for $51,100,000. The fair value of the 10 percent noncontrolling interest at the date of acquisition was $2,900,000. Stardust's date-ofacquisition reported net assets were carried at amounts approximating fair value, except for these items: Plant and equipment, 10-year life, straight-line, is overvalued by $6,000,000. Previously unrecorded limited-life identifiable intangibles, 4-year life, straight-line, were valued at $8,000,000. Stardust's equity accounts at the date of acquisition were as follows: Capital stock Retained earnings Accumulated other comprehensive income $300,000 1,650,000 50,000 $2,000,000 Total Stardust reports net income of $4,000,000 and other comprehensive loss of $10,000 for 2021. Stardust reported net income of $2,800,000 and other comprehensive income of $25,000 in 2020. Stardust did not declare any dividends in either year. Goodwill from this acquisition is impaired by $200,000 during 2021, but was not impaired in 2020. Required a. Calculate the original goodwill for this acquisition and its allocation to controlling and noncontrolling interests. In what ratio is goodwill allocated between controlling and noncontrolling interests? Enter your answers in thousands ($51,100,000 equals $51,100 in thousands). Enter your ratio answers in percentages. Amount Ratio $ Total goodwill Allocation to controlling interests Allocation to noncontrolling interests 50,000 47,500 2,500 0 % x 0 % x Amount Ratio $ Total goodwill Allocation to controlling interests Allocation to noncontrolling interests 50,000 47,500 2,500 0% X 0 % x 0 b. Prepare the consolidation eliminating entries (E) and (R) at the date of acquisition. Enter your answers in thousands ($51,100,000 equals $51,100 in thousands). Ref. Description Debit Credit (E) Capital stock 300,000 x 0 Retained earnings 4,450,000 x Accumulated other comprehensive income 75,000 x 0 Investment in Stardust 0 4,342,500 x Noncontrolling interest in Stardust 482,500 x (R) Identifiable intangibles 6,000,000 x 0 Goodwill 50,000,000 x 0 Plant and equipment 0 5,400,000 x Investment in Stardust 0 48,040,000 X Noncontrolling interest in Stardust 0 2,560,000 x O O O c. Prepare the consolidation eliminating entries (C), (E), (R), (O) and (N) at December 31, 2021. Enter your answers in thousands, using decimals if appropriate ($39,400 equals $39.4 in thousands). Ref. Description Debit Credit (C) Equity in net income 0 x 0 Equity in other comprehensive loss 0 9,000 x Investment in Stardust 2,141,000 x (E) Capital stock 0 X 0 Retained earnings, beg. 0 x 0 Accumulated other comprehensive income 0 x 0 Investment in Stardust 0 0 x Noncontrolling interest in Stardust 0 x (R) Identifiable intangibles 0 X 0 Goodwill 0 x 0 Plant and equipment O 0 x Investment in Stardust 0 x Noncontrolling interest in Stardust 0 0 X (0) Operating expenses 1,600,000 x 0 Plant and equipment 60,000 x 0 Identifiable intangibles A 2,000,000 Goodwill 0 200,000 x (N) Noncontrolling interest in net income 250,000 x 0 Noncontrolling interest in OCL . 0 1,000 x Noncontrolling interest 0 249,000 x O > O >