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QUESTION 1 Partialy terrect Mark 1500 out of2500 PRag queston 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. Requred . Calculate the amount of goadwill originally reported for this acquisition, and its allocation to the controling and noncontrolling interests Enter answers in thousands (example, $41,750,000 equals $41,750 in thousands. Total goodwill Allocation to controlling incerests 13,200x Allocation tenoncontroling interests S 30,800 44,000 b. Calculate equity in net income and the noncontrolling interest in net income for 2020, assuming 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 Total Equity in NI Noncontrolling Interest in N 10000 .000 3,000 Sun Cky's reported net income Revaluat on write-cffs dentifiable intargbles Goodwll impairmees lo5s 1,500 1,0501 (450 12.0001 (600) 11.400 6500 $ 4550 xs ,950 x Check