POPCORN Corporation acquired a 90% interest in the outstanding stock of SALT Corporation for $540,000 on 1/1/X1. At this time, the stockholders equity of SALT consisted of $400,000 of capital stock and $50,000 of retained earnings. The following table represents only those assets and liabilities of Salt which had book values different than their fair values at the date of acquisition:

	Book Value	Fair Value
Inventory	$ 20,000	$ 15,000	Sold X1
Land	30,000	40,000	Still owned
Buildings	10,000	50,000	Remaining life 8 years
Notes Payable	(50,000)	(40,000)	Matures on 12/31/X5

Comparative Balance Sheets for POPCORN and SALT AT 12/31/X3 are presented here:

Popcorn Corporation & Subsidiary Consolidated Balance Sheet Workpaper For the Year Ended 12/31/X3
Assets:	POPCORN	SALT	Debits	Credits	Consolidated
Other Assets	$355,000	$100,000
Inventory	100,000	50,000
Land	500,000	100,000
Buildings-net	1,500,000	580,000
Investment in SALT	705,600
Dividends Receivable	27,000
Advance Receivable from P		10,000
Total Assets	$3,187,600	$840,000
Liabilities & Equity:
Other liabilities (includes notes payable)	$500,000	$160,000
Dividends Payable		30,000
Advance Payable to S	10,000
Capital Stock	2,000,000	400,000
Retained Earnings	677,600	250,000
Total Liabilities & Equity	$3,187,600	$840,000

Calculate the Difference (or Excess)

Calculate Goodwill/(Bargain Purchase Gain)

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Prepare all necessary eliminating entries at 12/31/X3. Hint - there are 4.