estion POPCORN Corporation acquired an 80 % interest in the outstanding stock of SALT Corporation for $520,000 on 1/1/X1. At this time, the stockholders equity of SALT consisted of $400,000 of capital stock and $50,000 of retained earnings. The following table represents only those assets and liabilities of Salt which had book values different than their fair values at the date of acquisition Book Value Fair Value Inventory $ 20,000 $ 15,000 Sold X1 Land 30,000 40,000 Still owned Buildings 10,000 50,000 Remaining life 5 years (40,000) Matures on 12/31/X4 Notes Payable (50,000) Comparative Balance Sheets for POPCORN and SALT AT 12/31/X3 are presented here: Popcorn Salt Assets: Other Assets $318,000 $100,000 Inventory 100,000 50,000 Land 500,000 100,000 Buildings.net 1,500,000 -580,000 Investment in Salt 658,800 Dividends Receivable 24,000 Advance Receivable from P 10,000 Buildings-net 1,500,000 580000 Investment in Salt 658,800 Dividends Receivable 24,000 Advance Receivable from P 10,000 Total Assets $3,100,800 $840,000 Liabilities & Equity: Other Liabilities (includes notes pay) $500,000 $160,000 Dividends Payable 30,000 Advance Payable to Salt 10,000 2,000,000 400,000 Capital Stock Retained Earnings 590,800 250,000 Total Liabilities and Equity $3.100,800 $840,000 Calculate the Difference (or Excess) eston 1 yet wered 1 nts out of X F A B I - DI on 2 Calculate Goodwill/(Bargain Purchase Gain) ered 1 FE A out of ug question estion 4 Prepare all necessary eliminating entries at 12/31/X3. Hint - there are 4. yet wered 1 x " FF B I 3 & nts out of 0 Flag