On January 1, 2013, Point Corporation acquired an 80% interest in Sharp Company for $1.973.000. At that time Sharp Company had common stock of $1,476,000 and retained earnings of $694,000. 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 $98,000 and a book value of $81,000. The outstanding bonds were issued at par value on January 1, 2008, pay 11% annually, and mature on January 1, 2018. The bond principal is $490,000 and the current yield rate on similar bonds is 9%. (a) Your answer is 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, eg. 1.25136 and final answers to decimal places, eg. 5,125.) Parent Share Non- Controlling Share Entire Value Purchase Price and Implied Value $ 1973000 $ 493250 $ 2466250 Less : Book Value of Equity Acquired 1736000 i 434000 2170000 i Difference between Implied and Book Value 237000 59250 296250 Land 13600 3400 i 17000 i Premium on Bonds Payable 30494 7624 38118 Balance 253894 63474 317368 Goodwill 253894 i 63474 i 317368 i Balance 0 $ $ 0 $ o (b) Your answer is partially correct. 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. (Round answers to decimal places, eg. 5,125. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Land 17000 Goodwill 317368 Difference between Implied and Book Value 296250 Interest Expense 2567 Unamortized Premium on Bonds Payable 35551