On January 1 Pack acquired 75% of Sack by paying $480,000. On that date Sack had the following balances: Common stock 400,000 Retained earnings 200,000 Equipment (Sack's books) undervalued by 40,000 ten-year life) Sack Co's Retained Earnings 3/1 200,000 Net income-Year ended 12/31 80,000 Dividends declared during the year( 20,000 ) Sack's Retained Earnings 260,000 Show the elements making of the cost of the investment ( Hint: Set up a schedule showing the controlling and non- controlling interest in the individual elements)(20 points)