Consolidation exercise: The Parent has acquired 80% of the subsidiary on 1 January 2021 for a total of $760,000 The total fair value of the subsidiary at the date of acquisition was $750,000. Any difference between the book value and the fair value is attributable to a 7-year life property. Any remaining difference is attributable to Goodwill. The below is the balance sheet of the parent and the subsidiary at 31.12.2021. 31/12/2021 31/12/2021 Parent Subsidiary Assets Current assets Investment in Subsidiary Property and equipment Patents Trade names Total assets liabilities Equity Retained earning (1/1/2021) Net income Dividends declared Retained earnings (31/12/2021) Common stock APIC 180,000 459,765 756,000 450,000 147,500 1,533.500 (41,000) (1,092,500) (180,000) 250,000 (1,022.500) (150,000) (320,000) 315,235 55,000 830,000 (1.492.500) (145,000) (530,000) (55,000) 50,000 (535,000) (100,000) (50,000) Total equity Required: 1- Calculate the price paid by the NCI 2- Calculate the total book value attributable to parent (685,000) 3. Calculate the total fair value adjustment attributable to the parent 4- Calculate the book value attribu able to the NCI 5- Calculate the FV adjustment attributable to NCI 6- Calculate the total depreciation expense for the property which was revalued 7- Calculate the total share of income recorded in the stand alone balances of the parent 8. Record the entry for # 7 above