please show your work

there is no additional information. peg 95 and 96 is a silmilar problem.

Name: Score: P Corp. acquired 80 percent of corps common quired 80 percent of S Corp's common shares on January 1, 2020 for $620,000 cash S Corp. will continue as a separate legal entity. Further examination of S Corp's balance sheet below provides book and fair values S Corporation's Balance Sheet (January 1, 2020) Cash and Receivables Inventories Land Buildings and Equipment (net) Intangibles (net) Totals Book Value $120,000 470,000 100,000 200,000 250,000 $ 1,140,000 Fair Value Difference $ 120,000 $ - 470,000 $ 125,000 $ 25,000 200,000 $ 450,000 $ 200,000 $ 1,365,000 $ 225,000 Current Liabilities Bonds Payable (net of discount) Totals 90,000 500,000 590,000 $ 90,000 500,000 590,000 Common Stock-S Contributed Capital-S Retained Earnings-S Totals 300,000 240,000 10,000 550,000 $ Instructions: On the paper provided, using the above data: 1. Calculate the implied value of S Corp. 2. Calculate the allocation of difference between implied and book value schedule. See p. 95 of text. Show if any goodwill resulted. 3. Record the journal entry to record P's acquisition of S Corp on January 1. 4. Prepare worksheet entries 1 and 2 (see p. 96 of text)