Equity in Net Income and Noncontrolling Interest in Net Income Palm Resorts acquired its 70 percent interest in Sun City on January 1, 2017, for $41,750,000. The fair value of the 30 percent noncontrolling interest at the date of acquisition was $14,750,000. Sun City's date- of-acquisition reported net assets of $5,000,000 were carried at amounts approximating fair value, but it had unrecorded identifiable intangibles, capitalizable per ASC Topic 805, valued at $7,500,000. These intangibles are determined to have limited lives, amortized on a straight-line basis over five years. It is now December 31, 2020, and Sun City reports net income of $10,000,000. Required a. Calculate the amount of goodwill originally reported for this acquisition, and its allocation to the controlling and noncontrolling interests Enter answers in thousands (example, $41,750,000 equals $41,750 in thousands). Total goodwill Allocation to controlling interests Allocation to noncontrolling interests $ 13,200 b. Calculate equity in net income and the noncontrolling interest in net income for 2020, assuming $44,000 30,800 x goodwill from this acquisition is impaired by $2,000,000 in 2020. Enter answers in thousands (example, $3,000,000 equals $3,000 in thousands) Use negative signs with answers that reduce net income amounts. Noncontrolling Interest in NI Equity in NI Sun City's reported net income 10,0007,000 3,000 Revaluation write-offs: Identifiable intangibles (1,500) (1,050) 450) Goodwill impairment loss (2,000) (1,300) x 600 X