P Corporation acquired 80% of S Company's common stock for $22,200 on 1/1/20X3. The reported equity of S on 1/1/20X3 was $7,000. S's assets and liabilities were reported at fair value at the date of acquisition except for previously unrecorded identifiable intangibles of $3,000; this amount was amortized at the rate of $500 per year. Unless indicated/suggested/assumed otherwise, there were no impairments of Goodwill. Also, unless indicated/suggested/assumed otherwise, the total fair market value of S's net assets was $10,000 while the fair value of the " 20% non-controlling interest" was $7,800. P has employed the Complete Equity Method "properly" since the acquisition of S. Other information follows: 1. On 1/2/20X3,P sold S land for a price of $1,000. The land had a book value of $400 at the time of sale. 2. S sells merchandise to P on a continuing basis. P's 20X4 beginning inventory contains $30 in intercompany, profits while P's 20X4 ending inventory contains $45 in intercompany profits. 3. S's total dividends for both 20X3 and 20X4 were $600 while S 's net income for both 20X3 and 20X4 was $5,000. SECTION ONE-PART TWO: Please assume that the Goodwill amount calculated in PART ONE was $18,000-otherwise, use the information provided on page oni, as appropriate. Calculate the 1/1/20X3 Goodwill amount attributed to the Non-Controlling Interests (under GAAP); P Corporation acquired 80% of S Company's common stock for $22,200 on 1/1/20X3. The reported equity of S on 1/1/20X3 was $7,000. S's assets and liabilities were reported at fair value at the date of acquisition except for previously unrecorded identifiable intangibles of $3,000; this amount was amortized at the rate of $500 per year. Unless indicated/suggested/assumed otherwise, there were no impairments of Goodwill. Also, unless indicated/suggested/assumed otherwise, the total fair market value of S's net assets was $10,000 while the fair value of the " 20% non-controlling interest" was $7,800. P has employed the Complete Equity Method "properly" since the acquisition of S. Other information follows: 1. On 1/2/20X3,P sold S land for a price of $1,000. The land had a book value of $400 at the time of sale. 2. S sells merchandise to P on a continuing basis. P's 20X4 beginning inventory contains $30 in intercompany, profits while P's 20X4 ending inventory contains $45 in intercompany profits. 3. S's total dividends for both 20X3 and 20X4 were $600 while S 's net income for both 20X3 and 20X4 was $5,000. SECTION ONE-PART TWO: Please assume that the Goodwill amount calculated in PART ONE was $18,000-otherwise, use the information provided on page oni, as appropriate. Calculate the 1/1/20X3 Goodwill amount attributed to the Non-Controlling Interests (under GAAP)