Help me question 4

At the acquisition date, Gardena's total fair value, including the noncontrolling interest, was assessed at $1,125,000.Also at the acquisition date, At the acquisition date, Gardena's total fair value, including the noncontrolling interest, was assessed at $1,125,000. Also at the acquisition date, Gardena's book value was $690,000. Several individual items on Gardena's financial records had fair values that differed from their book values as follows: Book value Fair value Trademark indefinite life) $360,000 $383,000 Property and equipment (net, 8-year remaining useful life) 290,000 330,000 Patent (14-year remaining useful life) 132,000 272,000 For internal reporting purposes, Carson, inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2020, for both companies. At year-end, there were no intra-entity receivables or payables. Debits Credits NCI Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Gardena Net income Carson ($1,400,000) 774,000 328,000 0 $280,000) ($578,000) Gardena ($825,000) 395,750 36,250 28,000 g ($365,000) Consolidate-d total -2,225,000 1169750 369.250 38000 5,000 10,000 1280000 -648000 530,000 Retained earnings (1/1/2020) Net income Dividends declared Retained earnings (12/31/2020) ($1,275,000) ($578,000) 300,000 ($1,553,000) ($530,000) ($365,000) 50,000 ($845,000) -1,275,000 -578000 300,000 -1,553,000 40,000 10,000 1,292,250 40,000 1,180,000 23.000 40,000 5,000 140,000 10,000 Current assets Investment in Gardena Trademark Property and equipment (net) Patents Total assets Accounts payable Common stock Additional paid-in capital Retained earnings (12/31/2020) Total liabilities and equities $860,000 1,140,000 240,000 1,030,000 o 3,270,000 ($142,000) ($300,000) ($1,275,000) ($1,553,000) ($3,270,000) $432,250 0 360,000 253,750 104,000 1,150,000 ($145,000) ($120,000) ($40,000) ($845,000) ($1,150,000) 623,000 138,750 234,000 3,700,000 -287,000 -300,000 -1,275,000 -1,553,000 1,862,000 120,000 40,000 1,460,000 55,000 Hint: Included in the question 1. What is the total fair value of Gardena? Your answer: 1,125,000 2. What is the goodwill of Gardena at acquisition? Your answer: 239,000 3.What is the amount of Non-Controlling Interest at acquisition (1/1/2020)? Your answer: 1,125,000-900,000=225,000 4. The working paper entry minate any dividend earned from Gardena Corporation during 2020 consolidation JEDI 1 Your answer: Investment in Gardena 348,000 Noncontrolling interest 348000 Dividends Declared