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 $1,525,000 and retained earnings of $705,000. 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 $102,000 and a book value of $80,000. The outstanding bonds were issued at par value on January 1, 2008, pay 9% annually, and mature on January 1, 2018. The bond principal is $497,000 and the current yield rate on similar bonds is 7%. 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 Non- Controlling Share Share Purchase Price and Implied Value TA 1,974,000 $ 493500 Less : Book Value of Equity Acquired 1784000 i 446000 i Difference between Implied and Book Value 190000 47500 Land 17600 i 4400 Premium on Bonds Payable 32605 i 8151 Balance 139795 34949 Goodwill 139795 34949 Balance $ 0 $ 0 Non- Controlling Share Entire Value $ $ 493500 $ 2467500 446000 i 2230000 i 47500 237500 . 4400 i 22000 i 8151 i 40756 i 34949 174744 34949 174744 $ 0 $