Paper purchased 12,000 of Sand's 30,000 shares on 10/1/20X0 for $36,000. At 1/1/20X0, Sand had Common Stock of $30,000 and Retained Earnings of $50,000. During the 12 months ended 12/31/20X0, Sand earned income of $100,000. Annual dividends of $1 per share were authorized by the Board of Directors to be paid in equal amounts at the end of each quarter. The book values and fair values of Sand's assets and liabilities on 10/1/20X0 were as follows: (Note partial year acquisition) Assets: Sand Book Values Sand Fair Values Cash $20,000 $20,000 Receivables 30,000 30,000 Inventory (sold in November 20X0) 25,000 40,000 Land 27,500 40,000 Building (10 year Life) 120,000 60,000 Equipment (5 year Life) 40,000 40,000 Patents (5 year life) 60,000 Total Assets $262,500 $290,000 Liabilities: Accounts Payable $80,000 $80,000 Notes Payable (Matures on 50,000 70,000 10/1/20X4) Required: 1. Calculate the Difference (Excess) 2. Calculate the goodwill/(bargain purchase gain) 3. Prepare the purchase price allocation and amortization schedule. (Click here to download excel file), complete it, save it on your computer, and upload your response in the dropbox below)