PART C

On January $1,2022,$ Panorama Company acquired $80\%$ of Scann Corporation for $$6,400,000.$ At the time of the acquisition, the book value of Scann's assets and liabilities was equal to the fair value except for equipment that was undervalued $$80,000$ with a four$-$year remaining useful life and inventories that were undervalued $$20,000$ and sold in $2022.$ Panorama separate net income in $2022$ and $2023$ was $$1,100,000$ and $$1,150,000,$ respectively. Scann separate net income in $2022$ and $2023$ was $$300,000$ and $$360,000,$ respectively. Dividend payments by Scann in $2022$ and $2023$ were $$60,000$ and $$60,000,$ respectively

Required: Using equity method,

Calculate Investment in Scann shown on Panorama's ledger at December $31,2022$ and $2023.$

Calculate Investment in Scann shown on the consolidated statements at December $31,2022$ and $2023.$

Calculate consolidated net income for $2022$ and $2023.$

Calculate Noncontrolling interest balance on Panorama's ledger at December $31,2022$ and $2023.$

Calculate Noncontrolling interest balance on the consolidated statements at December $31,2022$ and $2023.$

$($Support your answer in all points with detailed calculations and explanation$).(30$ Marks$)$