Pine Company acquired 70% of Stretch Company for $690,000 on January 1, 2022. Stretch reported a book value of stockholder's equity of $860,000 (including common stock of $420,000 and retained earnings of $440,000) on that date. Fair value of the 30% noncontrolling interest on the acquisition date was $280,000. On the acquisition date, a patent was undervalued by $36,000 (8-year remaining life) and a machine was overvalued by $ 10,000 (5-year remaining life). Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. In 2022, Stretch earned net income of $340,000 and paid dividends of $60,000. Requirements: a. Calculate the goodwill that is assigned to controlling (CI) and noncontrolling interest (NCI). Answer: To Cl: To NCI: b. Calculate the investment related income that the parent company would report for 2022 using each of the three methods (1) equity method; (2) initial value method; (3) partial equity method. b. Calculate the investment related income that the parent company would report for 2022 using each of the three methods (1) equity method; (2) initial value method; (3) partial equity method. Answer: (1): (2): (3): c. How much net income of Stretch was attributable to the noncontrolling interest in 2022 under the equity method? Answer: