On January 1, 2013, Point Corporation acquired an 80% interest in Sharp Company for $1,999,000. At that time Sharp Company had common stock of $1,479,000 and retained earnings of $703,000. 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 $99,000 and a book value of $79,000. The outstanding bonds were issued at par value on January 1, 2008, pay 10% annually, and mature on January 1, 2018. The bond principal is $499,000 and the current yield rate on similar bonds is 8%. (a) your answer is partially correct. Try again. 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 Share Non- Controlling Share Entire Value Purchase Price and Implied Value 1999000 499750 2498750 | Less Book Value of Equity Acquired 1745600 436400 2182000 Difference between Implied and Book Value 253400 63350 316750 Land - 16000 -4000 -20000 Premium on Bonds Payable 29002 7250 36252 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 0 decimal places, e.g. 5,125.) Non Parent Controlling Share Share Value Purchase price and Implied Value 1999000 499750 2498750 Book Value of Equity Acquired 1745600 436400 2182000 Difference between Implied and Book Value 253400 63350 hand 316750 - 16000 -4000 -20000 Premium on Bonds Payable N 29002 7250 36252 Balance 266402 66600 333002 Goodwill X -266402 -66600 -333002 Balance 0