ecognition upon Initial consolidation of a variable interest entity (VIE) when ViE is not a business ssume that prior to January 1, 2013, a Reporting Company owned a 10 percent interest in a Legal Entify, The Reporting Compary acquired its 10 percent ownership interest. the Lezal Entity on June 15,1992 for $26,000, and correctly accounted for this investment under the cost method (ce, it was a passive investment and it was not. narketable) Onfanuary 1, 2013, the Reporting Company purchased an additional 30 percent interest in the Legal Encty for $150,000. As a result of an evaluation of the facts and ircumstances on Jamary 1, 2013, the Reporting Entity determined that the Leyal Entity is a variable interest entity (VIE) and thot the Reporting Company is the primary beneficiary of the ViE. The Reporting Company also determined that on january 1, 2013, the fair value of the previously held 10 percent incerest is s50,000. In addition. ndependent appraisals revealed that the fair value of the noncontroting linterest (i.e., the 60 percent not owned by the Reporting Company is 3300,000 . Onjanuary 1, 2013, the Legal Entity has reported book values for its identifiable net assets equal to $350,000 and fair values for its identifable net assets equal to 5450,000 . Assume that the Legal Entity is not a "business," as that term is defined in FASB ASC soS ("Business Combinations? Related to the inital consolidation of the Legar Entity on anuary 1,2013, determine the followirg amounts Note: Use a negative sign withyour answer in part b. to indicate a loss on initial consolidation of Legat Entity, if applicabie