On January 1st 2017, the X Company acquired 80,000 common shares of the Y Company for $900,000. The balance sheet of Y on this date showed the following shareholders' equity:- $120,000 $3 cumulative preferred shares, 20,000 shares issued Common shares, 100,000 shares Surplus(Deficit) TOTAL $600,000 $(10,000)* $710,000 *Y's preferred share dividends were one year in arrears on that date Y's fair values approximated its book values on that date with the following exceptions:- Inventory had a fair value that was $30,000 higher than its book value. Pland and equipment had a fair value of $10,000 lower than their book value b. The plant and equipment had an estimated remaining useful life of 10 years from the date of acquisition. The financial statements of X and Y on December 31st 2020 are as follows:- a. Y $200,000 350,000 (25,000) 525,000 $370,000 222,000 (100,000) 492,000 $3,000 255,000 144,000 RETAINED EARNINGS: Balance, January1, 2020 Net Income Less:Dividends Retained Earnings BALANCE SHEETS: Cash Accounts receivable Inventory Land Plant and equipment Accumulated depreciation Investment in Y TOTAL ASSETS Accounts payable Accrued Liabilities Preferred shares Common shares Retained earnings TOTAL LIABILITIES &O.E. $120,000 270,000 165,000 210.000 1,200,000 (690,000) 900,000 $2,175,000 276,000 24,000 2,100,000 (900,000) $1,602,000 330,000 30,000 150,000 600,000 492,000 $1,602,000 1,350,000 525,000 $2,175,000 Required:-What is the non-controlling interest portion of the total equity of the preferred shares and what is the non-controlling interest of the total equity of the common shares. On January 1st 2017, the X Company acquired 80,000 common shares of the Y Company for $900,000. The balance sheet of Y on this date showed the following shareholders' equity:- $120,000 $3 cumulative preferred shares, 20,000 shares issued Common shares, 100,000 shares Surplus(Deficit) TOTAL $600,000 $(10,000)* $710,000 *Y's preferred share dividends were one year in arrears on that date Y's fair values approximated its book values on that date with the following exceptions:- Inventory had a fair value that was $30,000 higher than its book value. Pland and equipment had a fair value of $10,000 lower than their book value b. The plant and equipment had an estimated remaining useful life of 10 years from the date of acquisition. The financial statements of X and Y on December 31st 2020 are as follows:- a. Y $200,000 350,000 (25,000) 525,000 $370,000 222,000 (100,000) 492,000 $3,000 255,000 144,000 RETAINED EARNINGS: Balance, January1, 2020 Net Income Less:Dividends Retained Earnings BALANCE SHEETS: Cash Accounts receivable Inventory Land Plant and equipment Accumulated depreciation Investment in Y TOTAL ASSETS Accounts payable Accrued Liabilities Preferred shares Common shares Retained earnings TOTAL LIABILITIES &O.E. $120,000 270,000 165,000 210.000 1,200,000 (690,000) 900,000 $2,175,000 276,000 24,000 2,100,000 (900,000) $1,602,000 330,000 30,000 150,000 600,000 492,000 $1,602,000 1,350,000 525,000 $2,175,000 Required:-What is the non-controlling interest portion of the total equity of the preferred shares and what is the non-controlling interest of the total equity of the common shares