I ONLY NEED HELP WITH WHAT IS IN RED **

On January 1, 2013, Point Corporation acquired an 80% interest in Sharp Company for $1,961,000. At that time Sharp Company had common stock of $1,528,000 and retained earnings of $697,000. The book values of Sharp Company's assets and liabilities were equal to their fair values except for land and bonds payable. The land had a fair value of $98,000 and a book value of $81,000. The outstanding bonds were issued at par value on January 1, 2008, pay 9% annually, and mature on January 1, 2018. The bond principal is $492,000 and the current yield rate on similar bonds is 7%. (a) Your answer is correct. Prepare a Computation and Allocation Schedule for the difference between book value and the value implied by the purchase price in the consolidated statements workpaper on the acquisition date. (Round present value factor calculations to 5 decimal places, e.g. 1.25136 and final answers to O decimal places, e.g. 5,125.) Parent Non- Controlling Share Share Purchase Price and Implied Value tA 1,961,000 ta 490250 Less V: Book Value of Equity Acquired 1,780,000 i 445,000 i Difference between Implied and Book Value 181,000 45,250 Land (13,600) i (3,400) i Premium on Bonds Payable 32,277 i 8,069 i Balance 199,677 49,919 Goodwill (199,677) i (49,919) i Balance $ O $ $ 0 Prepare the workpaper entries necessary on December 31, 2013, to allocate and depreciate the difference between book value and the value implied by the purchase price. (Round answers to O decimal places, e.g. 5,125. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Land 17000 Goodwill 249596 Difference between Implied and Book Value 226250 Interest Expense Premium on Bonds Payable