On October 1, 2020 Philadelphia Ltd. paid $382,500 for 85% of the issued and outstanding common shares of Senators Corp. The recorded assets and liabilities of Senators Corp. on October 1, 2020 were: Cash $ 165,000 Inventory 125,000 Property and equipment $600,000 Accum. Amortization $200,000 400,000 Goodwill 35,000 Total Assets $725,000 Current Liabilities $ 85,000 Long Term Liabilities 115,000 Common Shares 225,000 Retained Earnings 300,000 Total Liabilities & Equity $725,000 On October 1, 2020, Skaters Corp. inventory had a fair value of $130,000, and the property and equipment (net) had a fair value of $460,000 and Long Term Liabilities had a fair value of $118,000. The business combination agreement stated that if Skaters earnings exceed $2.50 per share in the next 2 years an additional payment equal to $50,000 would be paid to Skaters shareholders. An actuary valued this a as equivalent to $37,500 if paid at acquisition date. REQUIRED: a) Calculate the amount of goodwill resulting from the business combination using the entity theory (7 marks) b) Calculate the non-controlling interest at acquisition date using the entity theory Fair Value Enterprise (FVE) (3 marks)