On January 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 book values of Sharp Company's assets and liabilities were equa to their fair values except for land and bonds payable. The land had a fair value of $102,000 and a book value of $80,000. 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 $504,000 and the current yield rate on similar bonds is 8%. (a) - Your answer is partially correct. 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.) Purchase Price and Implied Value Less Book Value of Equity Acquired Difference between Implied and Book Value Land Premium on Bonds Payable Balance Goodwill Balance $ $ Parent Share 1,974,000 $ 1,752,000 222,000 Non- Controlling Share 493,5 438,000 55.5 17,600 i 4,400 50,375 154,025 154,025 0 $ 12,59 38.50 38,50