Financial statements of Pickering Corp. and its subsidiary Staffer Inc. on December 31, 2021 are shown below. On January 1, 2021, Pickering acquired 1500 common shares of Staffer for $225,000 cash. Cash Accounts Receivable Inventories Land Plant and equipment (net) Investment in Staffer Accounts Payable Accrued Liabilities Long-term liabilities BALANCE SHEET As at December 31, 2021 Pickering $140,000 90,000 55,000 20,000 220,000 225.000 $750,000 $ 92,000 33,000 Staffer $ 1,000 85,000 48,000 70,000 400,000 $604,000 $ 50,000 10,000 30,000 Preferred Stock Common Stock Retained Earnings OTHER INFORMATION: 1. 450,000 175.000 $750,000 100,000 250,000 164,000 $604,000 2. On January 1, 2021, the balance sheet of Staffer showed the following shareholders' equity: $6 Preferred shares, cumulative, redeemable at $108 per share Issued and outstanding 1,000 shares Common shares, (2,000 shares) Deficit (note 1) Note 1: $100,000 250,000 (75,000) $275.000 Dividends on preferred shares are two years in arrears at January 1, 2021. There were no dividends in arrears at December 31, 2021 The fair market values of Staffer's net assets differ from carrying values as follows: REQUIRED: a) Accounts receivable Inventory Plant (5 xx life) Long-term liabilities (Matures Dec. 31, 2025) overstated by $2,000 understated by $10,000 understated by $75,000 understated by $5,000 Calculate goodwill at acquisition date, January 1, 2021. (7 marks) b) Calculate the non-controlling interest at January 1, 2021. (2 marks)