Exercise 5-4 On January 1, 2015, Porter Company purchased an 80% interest in Salem Company for $262,600. On this date, Salem Company had common stock of $204,000 and retained earnings of $130,100. An examination of Salem Company's balance sheet revealed the following comparisons between book and fair values: Inventory Other current assets Equipment Land Book Value 530,000 50,600 305,800 199,100 Fair Value $35,200 54,300 356,100 199,100 Your answer is partially correct. Try again. Determine the amounts that should be allocated to Salem Company's assets on the consolidated financial statements workpaper on January 1, 2015. Parent Share Non- Controlling Share Entire Value Turchase price and Implied Value 28160 7040 35200 T Difference between Implied and Book Value 4160 5200 T Balance Balance 32320 8080 40400 TInventory 28160 10860 35200 TCurrent Assets 43440 10860 54300 Equipment (Net) 284880 71220 356100 Balance 388800 101020 48500 TGain T'Increase Noncontrolling Interest to Fair value of Assets Total Allocated Bargain Balance LINK TO TEXT