On Janu ay 1, 2013, Point Corporation acquired an 80 % interest in Sharp Company for $1,974,000. At that time Sharp Company had common stock of $1.484,000 and retained earnings of $706,000. The k woes 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 $102.000 and a book bondsee issued at par value om January 1. 2008, pay 10% annually and mature on Janaary 1. 2018. The bond principal is $504,000 and the carrent yield rabe on similar coo. The outstanding bonds 0%. Your answwer is corect Prepare a Coemputation 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. (Roundh wesnt value factor calcalations to 5 decimal places, g. 1.25136 and final amswes to 0 decimal places, eg. 5,125,) Parent Cont Share tire Valoe Shiare 1974000 2467500 Purchase Price and Implied Value 493500 Book Value of Equity Acquired 1752000 Less 438000 2190000 Difference between Implied and Book Value 55300 277500 222000 4400 22000 Land 17600 8050 32198 40248 Premium on Bonds Payable Balancer 236598 59150 295748 295748 Goodwll 59150 236598 Balance Your answor is partially correct. Try again. 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. places, e.g. 5,125. If no entry is required, sefect "No Entry" for the account titles and enter o for the anounts. Credit account titles are automatically indented when the amo manually.) Account Titles and Explanation Debit Credit Land 22000 Goodwill 295748 Difference between Implied and Book Valu 277500