Long Corporation purchased 60 percent of the voting stock of Short Company on Jan. 2, 20X1. On that date. Short reported retained earnings of $100,000 and capital stock of $200,000. Long reported $400,000 of retained earnings and $500,00 of capital stock. During the year 20X1. Short reported net income of $60,000 and paid dividends of $30,000. Long reported from its separate of $120,000 and paid dividends of $80,000. Long used the equity method in accounting for its investment in Short. Goodwill was not impaired. (a) Assuming Long purchased the short stock for $180,000. The fair values of Short's net assets equaled the book values. Compute: 1) Investment in short reported in Long's books on Dec. 31, 20X1. (2) Net income reported in Long's books for the year 20X1. (3) Retained earnings report in Long's books on Dec. 31, 20X1. 4) Consolidated net income for the year 20X1. (5) Income to noncontrolling interest for the year 20X1. (6) Income to controlling interest for 20X1. (7) noncontrolling interest on Dec, 31, 20ZX1. (8) Consolidated retained earnings on Dec. 31, 20X1. b) Assume that Long purchased the Short stock for $240,000. The fair value of Short's depreciable assets (with a life of 10 years remaining) is higher than the book value by $50,000. Compute: (1)Investment in Short reported in Long's books on Dec. 31, 20X1. (2) Net income reported in Long's books for the year 20X1. (3) Retained earnings reported in Long's books on Dec. 31, 20X1. (4) Consolidated net income for the year 20X1. (5) Income to noncontrolling interest for the year 20X1. (6) Income to controlling interest for 20X1. (7) noncontrolling interest on Dec. 31, 20X1. (8) Consolidated retained earnings on Dec. 31, 20X1. (9) Consolidated goodwill on Dec. 31, 20X1. (e) Give all elimination entries needed to prepare consolidated F/S for both parts (a) and (b)