P3-24 Parent Company and Consolidated Balances LO 3-4 Sheet Company reported the following net income and dividends for the years indicated: Pillow Corporation acquired 75 percent of Sheet's common stock on January 1, 20X5. On that date, the fair value of Sheet's net assets was equal to the book value. Pillow uses the equity method in accounting for its ownership in Sheet and reported a balance of $259,800 in its investment account on December 31,207. Required: a. What amount did Pillow pay when it purchased Sheet's shares? b. What was the fair value of Sheet's net assets on January 1,205? c. What amount was assigned to the NCl shareholders on January 1,205? d. What amount will be assigned to the NCl shareholders in the consolidated balance sheet prepared at December 31,207