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%. Purchase Price and implied Value Less : Book Value of Equity Acquired Difference between Implied and Book Value Land Premium on Bonds Payable Bolance Goodwill Balance eTextbook and Media List of Accounts