Park Company purchased 90% of the stock of Salt Company on January 1, 2014 for $465,000, an amount equal to $15,000 in excess of the book value of equity acquired. This excess payment relates to an undervaluation of Salt Company's land. On the date of purchase, Salt Company's retained earnings balance was $50,000. The remainder of the stockholders' equity consists of no-par common stock. During 2018, Salt Company declared dividends in the amount of $10,000, and reported net income of $40,000. The retained earnings balance of Salt Company on December 31, 2017, was $160,000. Park Company uses the cost method to record its investment. Park reported net income of $180,000 in 2018. Required: A. Complete the Computation and Allocation Schedule B. Calculate the change in Retained Earnings from the acquisition date until the beginning of 2018 C. Prepare the workpaper eliminating entries for a workpaper on December 31, 2018 D. Calculate the Controlling interest in net income for the consoldiated entity at the end of December 31, 2018 (show calculation details) E. Calculate the balance in the Noncontrolling Interest account at the end of December 31, 2018 (show calculation details) Park Company purchased 90% of the stock of Salt Company on January 1, 2014 for $465.000. an amount equal to $15,000 in excess of the book value of equity acquired. This excess payment relates to an undervaluation of Salt Company's land. On the date of purchase, Salt Company's retained earnings balance was $50,000. The remainder of the stockholders' equity consists of no-par common stock. During 2018, Salt Company declared dividends in the amount of $10,000, and reported net income of $40,000. The retained earnings balance of Salt Company on December 31, 2017, was $160,000. Park Company uses the cost method to record its investment. Park reported net income of $180,000 in 2018. Required: A. Complete the Computation and Allocation Schedule Parent 90% Noncontrolling 10% Total Value Purchase price and implied value Less: Book value of subsidiary equity Common stock Retained earnings Total book value Diff btwn implied and book Less: Land Remaining Difference B. Calculate Change in S Retained Earnings since Acquisition 2014-2017 S Beginning Balance of Retained Earnings 2014 S Beginning Balance of Retained Earnings 2018 Change Since Acquisition Park Company purchased 90% of the stock of Salt Company on January 1, 2014 for S465.000 an amount equal to $15.000 in excess of the book value of equity acquired. This excess payment relates to an undervaluation of Salt Company's land. On the date of purchase, Salt Company's retained earnings balance was $50,000. The remainder of the stockholders' equity consists of no-par common stock. During 2018, Salt Company declared dividends in the amount of $10,000, and reported net income of $40,000. The retained carings balance of Salt Company on December 31, 2017, was S160,000. Park Company uses the cost method to record its investment. Park reported net income of $180,000 in 2018. Required: C. Prepare the workpaper eliminating entries for a workpaper on December 31, 2018 (1) Eliminate intercompany transactions (2) Eliminate y Subsidiary income recorded by Parent (or establish reciprocity) (3) Eliminate y dividends Subsidiary paid to Parent (4) Eliminate Subsidiary equity (5) Allocate difference between implied and book Park Company purchased 90% of the stock of Salt Company on January 1, 2014 for $465,000, an amount equal to $15,000 in excess of the book value of equity acquired. This excess payment relates to an undervaluation of Salt Company's land. On the date of purchase, Salt Company's retained earnings balance was $50,000. The remainder of the stockholders' equity consists of no-par common stock. During 2018, Salt Company declared dividends in the amount of $10,000, and reported net income of $40,000. The retained earnings balance of Salt Company on December 31, 2017, was $160,000. Park Company uses the cost method to record its investment. Park reported net income of $180,000 in 2018 Required: D. Calculate the Controlling interest in net income for the consoldiated entity at the end of December 31, 2018 (show calculation details) E. Calculate the balance in the Noncontrolling Interest account at the end of December 31, 2018 (show calculation details)