Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1, Year 2 , at a cost of $84,000. Paper has always used the equity method to account for its investments. On January 1, Year 2, Sand had common shares of $50,000 and retained earnings of $30,000, and fair values were equal to carrying amounts for all its net assets, except inventory (fair value was $9,000 less than carrying amount) and equipment (fair value was $24,000 greater than carrying amount). The equipment, which is used for research, had an estimated remaining life of six years on January 1, Year 2. The following are the financial statements of Paper Corp. and its subsidiary Sand Ltd. as at December 31, Year 5: (b) Prepare Paper's consolidated income statement for the year ended December 31, Year 5, with expenses classified by function. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ PAPER CORP. } \\ \hline \multicolumn{2}{|c|}{ Consolidated Income Statement } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Attributal the Year Ended December to: & \\ \hline Shareholders of Paper & $ \\ \hline & 0 \\ \hline \end{tabular} Required: (a) Prepare, in good form, a calculation of goodwill and any undepleted acquisition differential as of December 31, Year 5. (Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.) (c) Calculate the following balances that would appear on Paper's consolidated balance sheet as at December 31, Year 5: (Leave no cells blank - be certain to enter " 0 " wherever required. Omit \$ sign in your response.) (i) Inventory $ (ii) Land $ (iii) Notes payable $ (iv) Non-controlling interest $ (v) Common shares $ (d) Assume that an independent business valuator valued the non-controlling interest at $30,000 at the date of acquisition. Calculate goodwill impairment loss and profit attributable to non-controlling interest for the year ended December 31, Year 5. (Omit \$ sign in your response.)