Joard Font Alignment Number Cells Editing Ideas Sensitivity Cell Styles x B fx C D E ANSWER ALL ITEMS a, b, c, d and e BELOW. SHOW ALL WORK IN SUPPORT OF YOUR ANSWER. IF YOU DO NOT SHOW WORK IN SUPPORT OF YOUR ANSWER YOU WILL NOT GET FULL CREDIT. YOU CAN CHOOSE TO DO PART (e) BELOW FOR EXTRA CREDIT. SEE INSTRUCTIONS BELOW. Lucas Inc. acquired 20% of the outstanding common stock of Fallon Corp for $400,000 on 1/1/2017. The price reflected the assessment that all Fallon's assets and liabilities were stated at fair value. During 2017 Fallon Corp reported net income of $240,000 and paid dividends of $80,000. Lucas Inc. uses the equity method to account for its investment in Fallon Corp. Enterprises. Jon January 1, 2018 Lucas Inc. acquired an additional 60% of the outstanding shares of common stock of Fallon Corp for $1,500,000 when Fallon's book value was $2,000,000. At the time of this second acquisition, Fallon Inc. had a recently filed a patent on a new production process. This patent was deemed to have a fair value of $250,000 that was not recorded on Fallon's books and had a remaining life of 25 years at the time of the acquisition. In 2018 Fallon Corp had revenues of $700,000 and expenses of $420,000 and paid dividends of $84,000. Lucas Inc, had revenues of $2,400,000 Jand expenses of $1,800,000 before any income related to its investment in Fallon Corp. REQUIRED: p. What is the balance in the investment in Fallon Corp. account after the acquisition of the additional 60 X of FALLON Corp. on 1/1/2018. SHOW ALL WORK IN SUPPORT OF YOUR ANSWER. p. What is the non controlling interest's share of Fallon Corp.'s net income in 2018? SHOW ALL WORK IN SUPPORT OF YOUR ANSWER c. What is consolidated net income after allocation of income to the non controlling interest as of 12/31/2018? SHOW ALL WORK IN SUPPORT OF YOUR ANSWER. d. What is the value of the non controlling interest on the consolidated balance sheet as of 12/31/2018? SHOW ALL WORK IN SUPPORT OF YOUR ANSWER. e. Al the start or business on 1/1/2019, LUCES TRC sold 10% of its investment in Fallon Corp for $250,000. What is the Journal entry that Lucas Inc. would make to recort this sale of 10% of its investment in Fallon Corp.? SHOW ALL WORK IN SUPPORT OF YOUR ANSWER. HINT: (You need to know the balance in the investment in Fallon Corp. at 1/1/2019