Non-controlling Interest ( ) Sanderson Corporation acquired 70% of Kline Corporation's Common stock on January 1, 20X7, for $294,000 in cash. At the acquisition date, the book values and fair values of Kline's assets and liabilities were equal, and the fair value of the non-controlling interest was equal to 30% of the total book value of Kline. The shareholders' equity accounts of the two companies at the date of purchase are: Common Stock($10 par value) Paid-In-Capital Retained Earnings Total Liabilities and Equity Sanderson Corporation $ 400,000 222,000 358,000 $ 980,000 Kline Corporation F $ 50,000 65,000 175,000 $ 420,000 Required: a. What amount will be assigned to the non-cotrolling interest on January 1, 20X7, in the consolidated balance sheet b. Prepare the stockholder's equity section of Sanderson and Kline's consolidate balance sheet as of January 1, 20X7.