E 4-4 Excess assigned to identifiable net assets Palat Ltd. paid $3,600,000 cash to acquire 90 percent of Sanun Ltd.'s voting stock on January 1, 2014. Sanun's total stockholders' equity at the time was $5,000,000. The differences between the book values and fair values of Sanun's assets and liabilities at January 1, 2014 are presented below: Inventory (sold in the current year) was overvalued by $200,000. Land was overvalued by $500,000. Equipment (remaining life of 4 years) was undervalued by $400,000. Building (remaining life of 5 years) was overvalued by $750,000. Notes receivable (due in 4 years) was undervalued by $200,000. Sanun Ltd. declared dividends of $150,000 each in March and June 2014. Its net income for the year was $1,000,000 REQUIRED 1. Calculate the goodwill that should be reported in the consolidated balance sheet. 2. Calculate income from Sanun Ltd. for 2014. 3. Calculate the balance of the Investment in Sanun Ltd. account at December 31, 2014. 4. Calculate noncontrolling interest balance at December 31, 2014