On January 1, 2021 Phoenix Ltd. purchased 90% of Springbank Co. at a cost of $260,000. On this date, Springbank's shareholders' equity was as follows: Common shares (10,000) Retained earnings $100,000 110.000 $210.000 The book values of all of Springbank's net assets were equal to fair market value, except for specialized equipment, which was undervalued by $50,000 The equipment had an estimated useful life of 5 years On July 1, 2021, Springbank issued an additional 2,000 shares for $75,000. Phoenix did not acquire any of these shares. On October 1, 2021 Springbank's share price had fallen to $30 per share. Phoenix purchased 1,000 shares at this price on the open market. On December 31, 2021 Springbank reports a net income of $50,000 (earned evenly throughout the year) and declared dividends of $10,000 REQUIRED: a) Prepare an acquisition differential schedule for 2021 showing the controlling and non controlling interest's share of the changes occurring throughout the year. (8 marks) b) Calculate the equity method balance in the investment in Springbank account as at December 31, 2021. (7 marks) Clearly show all calculations for impact of ownership changes.