Please help me with the following question:

Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1, Year 2, at a cost of $80,080. Paper has always used the equity method to account for its investments. On January 1, Year 2, Sand had common shares of $50,000 and retained earnings of $22,000, and fair values were equal to carrying amounts for all its net assets, except inventory (fair value was $3,400 less than carrying amount) and equipment (fair value was $10,200 greater than carrying amount). The equipment, which is used for research, had an estimated remaining life of six years on January 1, Year 2. The following are the financial statements of Paper Corp. and its subsidiary Sand Ltd. as at December 31, Year 5: BALANCE SHEETS At December 31, Year 5 Paper Sand Cash $ $ 13,000 Accounts receivable 37 , 500 26 , 400 Note receivable 30,200 Inventory 70,500 45,500 Equipment (net) 235,000 77,500 Land 164,000 33,000 Investment in Sand 11'! , 866 $624,866 $225,600 Bank indebtedness $121, 115 $ Accounts payable 56 , 000 48, 100 Notes payable 30 , 200 Common shares 150,000 50,000 Retained earnings 267,551 127,500 $624,866 $225,600 ' IICOME smarsnzurs For the year ended December 31, Year 5 Paper Sand Sales $ 810,000 $ 308,100 Management fee revenue 14,400 Equity method income from Sand 2, 388 Interest income 3 , 020 Gain on sale of land 18, 200 826,788 329,320 Cost of sales 486,000 205,400 Research and development expenses 41 , 500 13 , 200 Interest expense 12 , 400 Miscellaneous expenses 109, 000 22, 000 Income taxes 70,680 35,488 719,580 276,088 Net income $ 107, 208 $ 53,232 ' Additional Information - During Year 5, Sand made a cash payment of $1,200 per month to Paper for management fees, which is included in Sand's Miscellaneous expenses. . During Year 5, Paper made intercompany sales of $60,000 to Sand. The December 31, Year 5, inventory of Sand contained goods purchased from Paper amounting to $18,000. These sales had a gross prot of 35%. - On April 1, Year 5, Paper acquired land from Sand for $30,200. This land had been recorded on Sand's books at a carrying amount of $12,000. Paper paid for the land by signing a $30,200 note payable to Sand, bearing yearly interest at 10%. Interest for Year 5 was paid by Paper in cash on December 31, Year 5. This land was still being held by Paper on December 31, Year 5. - The value of consolidated goodwill remained unchanged from January 1, Year 2, to July Year 5. On July 1, Year 5, a valuation was performed, indicating that the recoverable amount of consolidated goodwill was $3,800. . During the year ended December 31, Year 5, Paper paid dividends of$80,000 and Sand paid dividends of $20,000. . Sand and Paper pay taxes at a 40% rate. Assume that none ofthe gains or losses were capital gains or losses. Required: (a) Prepare, in good form, a calculation of goodwill and any undepleted acquisition differential as of December 31, Year 5. (Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit 5 sign in your response.) Balance Changes to Balance January 1, Year 2 Year 2-4 Year 5 Dec. 31, Iea: 5 Inventory $ $ |:| $ $ Equipment |:| Goodwill |:| $ _ $ |:| $ _ $ _ (b) Prepare Paper's consolidated income statement for the year ended December 31, Year 5, with expenses classified by function. (Round your answer to nearest whole dollar.) Total revenue Total expenses Attributable to: Shareholders of Paper Non-controlling interest to) Calculate the following balances that would appear on Paper's consolidated balance sheet as at December 31, Year 5: (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.) (i) Inventory Inventory 3; |:| (ii) Land Land $ |:| (iii) Notes payable Notes payable $ |:| (iv) Non-controlling interest Non-controlling interest $ |:| (v) Common shares Common shares $ |:| (d) Assume that an independent business valuator valued the non-controlling interest at $31,350 at the date of acquisition. Calculate goodwill impairment loss and prot attributable to non-controlling interest for the year ended December 31, Year 5. (Omit $ sign in your response.) Goodwill impairment 1055 Profit attributable to non-controlling interest s|:| $|:|