On January 1, 2015, Porter Company purchased an 80% interest in Salem Company for $256,100. On this date, Salem Company had common stock of $ 205,300 and retained earnings of $129,500. An examination of Salem Company's balance sheet revealed the following comparisons between book and fair values: Inventory Other current assets Equipment Land Book Value Fair Value $29,700 $35,000 49,700 54,100 296,800 347,800 198,900 198,900 (a) Your answer is partially correct. Try again. Determine the amounts that should be allocated to Salem Company's assets on the consolidated financial statements workpaper on January 1, 2015. Parent Share Non- Controlling Share Entire Value x Purchase Price and Implied Value 256100 Less Book Value of Equity Acquired X X Difference between Implied and Book Value Inventory x X Current Assets x X Equipment (Net) (10000 Gain x Increase Noncontrolling Interest to Fair Value of Assets Total Allocated Bargain Balance $1