Parent Corp bought 80% of Sub Corp on January 1, 2019, paying $200,000. Any excess differential at this date was attributed 30% to patent (with a 5 year remaining life) and 70% to goodwill. Data from the balance sheets of the two companies at the date of acquisition: Parent Corp Sub Corp Cash A/R Inventory Patent PP&E A/D Investment in sub Total Assets $ 60,000 180,000 70,000 0 220,000 (100,000) 200,000 $620,000 $ 30,000 10,000 30,000 80,000 190,000 (20,000) 0 $320,000 A/P Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity $180,000 90,000 125,000 235,000 $ 35,000 60,000 45,000 180,000 $630,000 $320,000 In the year following the acquisition, the sub reported net income of $55,000 and paid dividends of $5,000. Excluding the income from its sub, the parent reported net income of $90,000. Please answer the following questions: 1. What income from sub (equity investment income) was reported by the parent on its own books and records for the first year? 2. What was the consolidated entity's net income for the first year? 3. What was the ending NCI value at the end of the first year? 4. What is the goodwill that will be on the consolidated financial statements? Parent Corp bought 80% of Sub Corp on January 1, 2019, paying $200,000. Any excess differential at this date was attributed 30% to patent (with a 5 year remaining life) and 70% to goodwill. Data from the balance sheets of the two companies at the date of acquisition: Parent Corp Sub Corp Cash A/R Inventory Patent PP&E A/D Investment in sub Total Assets $ 60,000 180,000 70,000 0 220,000 (100,000) 200,000 $620,000 $ 30,000 10,000 30,000 80,000 190,000 (20,000) 0 $320,000 A/P Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity $180,000 90,000 125,000 235,000 $ 35,000 60,000 45,000 180,000 $630,000 $320,000 In the year following the acquisition, the sub reported net income of $55,000 and paid dividends of $5,000. Excluding the income from its sub, the parent reported net income of $90,000. Please answer the following questions: 1. What income from sub (equity investment income) was reported by the parent on its own books and records for the first year? 2. What was the consolidated entity's net income for the first year? 3. What was the ending NCI value at the end of the first year? 4. What is the goodwill that will be on the consolidated financial statements