Fair value On January 1, 2015, Gulf Corp. acquired 36% of Oppong Corporation's 200,000 outstanding shares for $15 per share. Oppong Corporation's balance sheet on the date of the acquisition contains the following: Carrying amount Assets not subject to depreciation $375,000 $375,000 Assets subject to depreciation (2 year remaining life on balance sheet date) 1,249,000 1,251,000 Liabilities 206,000 206,000 During 2015, Oppong Corporation reported the following information on its income statement. Net Income (loss) for 2015 ($563,000) Cash dividends paid on December 31, 2015 79,000 Gulf Corp. follows ASPE a) Calculate the assumed goodwill. Please make sure your final answer(s) are accurate to the nearest whole number. Goodwills b) Calculate the annual depreciation of excess payments for capital assets. Please make sure your final answer(s) are accurate to the nearest whole number. Annual depreciations c) Prepare the journal entries for Gulf Corp. for 2015 assuming that Gulf Corp. can exercise significant influence over Oppong Corporation's operations. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Date Account/Explanation PR Debit Credit Page G9 + + +