Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2019. The stockholder's equity section of Slash's balance sheet at that date is as follows: Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for: - Buildings which had a fair value of $50,000 more than its book value and a remaining useful lifeof 10 years. - Land which had a fair value of $40,000 more than its book value. - Merchandise Inventory which had a fail value of 20,000 more than its book value, and was sold during 2019. - Internally created patent with a fair value of 30,000 and a useful life of 5 years. - Any remaining differential was related to goodwill. Goodwill is deemed to be impaired and worth only $12,000. - Slash has accounts payable to Point in the amount of $25,000. Required a) Calculate the amount of total differential. (1 points) b) Use the T-accounts below to show the changes related to these accounts. ( 3 points) c) Calculate the followings: ( 5 points) c) Calculate the followings:(5 points) \begin{tabular}{|l|l|l|l|} \hline 1. Consolidated Net Income & Amot \\ \hline 2. Consolidated Net Income attributable to controlling interest & \\ \hline \end{tabular} 2 3. Consolidated Retained Earnings 4. Consolidated Comprehensive Income 5. Consolidated Comprehensive Income attributable to controlling interest d) Prepare the elimination entry needed on December 31, 2019. (22 points) Note: Optional elimination entry is not required