Photo Corporation acquired 75 percent of Shutter Corporation's voting common stock on January 1,20X2, at underlying book value. At the acquisition date, the book values and fair values of Shutter's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 25 percent of the total book value of Shutter. Noncontrolling interest was assigned income of $8.000 in Photo's consolidated income statement for 202 and a balance of $65,500 in Photo's consolidated balance sheet at December 31.202 Shutter reported retained earnings of $70,000 and additional paid-in capital of $40,000 on January 1,202. Shuttet did not pay dividends ot issue stock in 202 Required: a. Compute the amount of net income reported by Shutter for 202. b. Prepare the stockholders' equity section of Shutter's balance sheet at December 31,202 Photo Corporation acquired 75 percent of Shutter Corporation's voting common stock on January 1,20X2, at underlying book value. At the acquisition date, the book values and fair values of Shutter's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 25 percent of the total book value of Shutter. Noncontrolling interest was assigned income of $8.000 in Photo's consolidated income statement for 202 and a balance of $65,500 in Photo's consolidated balance sheet at December 31.202 Shutter reported retained earnings of $70,000 and additional paid-in capital of $40,000 on January 1,202. Shuttet did not pay dividends ot issue stock in 202 Required: a. Compute the amount of net income reported by Shutter for 202. b. Prepare the stockholders' equity section of Shutter's balance sheet at December 31,202