On January 1, 2013, Point Corporation acquired an 80% interest in Sharp Company for $1,960,000. At that time Sharp Company had common stock of $1,488,000 and retained earnings of $710,000. 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 $101,000 and a book value of $82,000. The outstanding bonds were issued at par value on January 1, 2008, pay 11% annually, and mature on January 1, 2018. The band principal is $494,000 and the current yield rate on similar bonds is 996. (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 O decimal places, e.g. 5,125.) (b) eTextbook and Media List of Accounts Parent Share 1960000 $ 1758400 201600 15200 30743 217143 217143 Your answer is partially correct. Non- Controlling Share Entire Value 490000 2450000 439600 50400 3800 7686 54286 54287 0 2198000 252000 19000 38429 271429 271429 Attempts: 3 of 5 used 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 O decimal places, eg. 5,125. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Land Goodwill Interest Expense Unamortized Premium on Bonds Payable Difference between Implied and Book Value Debit 19000 271429 Credit