Poppy Corporation paid $180,000 for an 30% interest in Soppy Corporation on January 1, 20x1 when the stockholders equity of Soppy consisted of $300,000 capital stock and $140,000 retained earnings. The following assets of Soppy had fair values different from their book values when Poppy acquired its interest: Book Value Fair Value Inventories (sold in 20X1) $ 50,000 $ 60,000 Equipment (4-year life at the time of combination) 600,000 620,000 Bonds Payable (matutes 12/31/X4) (500,000) (520,000) During 20x1, Soppy's reported net income was $60,000 and dividends declared and paid were $12,000. -21 Using the format demonstrated in Chapter 2 Demo Problems 5 & 6 prepare a reconciliation (also called a "PROOF") of the Investment balance as of 12/31/20X1 (that you arrived at above). You must start your calculation with the book value at 1/1/20X1 and reconcile this with the final Investment balance on 12/31/20x1 to receive full credit. Be sure to tabel every dollar amount in your calculation R BI %3