PART C On January 1, 2019, Penn Incorporated paid $350,000 for 70% of Sylvania Company's outstanding capital stock. Sylvania reported common stock on that date of $250,000 and retained earnings of $100,000. Plant assets, which had a five-year remaining life, were undervalued in Sylvania's financial records by $10,000. Sylvania also had a patent that was not on the books, but had a market value of $60,000. The patent has a remaining useful life of 10 years. Any remaining fair value/book value differential is allocated to goodwill. Sylvania's net income and dividends paid the first three years that Penn owned them are shown below. 2019 2020 2021 Net Dividends Income Paid $80,000 $30,000 90,000 10,000 60,000 20,000 Required: 1) Calculate the amount of goodwill related to this acquisition 2) Calculate the noncontrolling interest share in Sylvania's income for each of the three years. 3) Calculate the noncontrolling interest that should be reported on the consolidated balance sheet at the end of each of the three years. 4) Assuming that Penn uses the equity method to record their investment in Sylvania, calculate the ending balance in the Investment in Sylvania account for each of the three years