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 (matures 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 19 Prepare the calculation for Poppy's income from Soppy for 20X1. The amount for each individual amortization item must be tabeled. Hint: preparation of a T account might be useful as an aid to answer this question, 1 x A-B 1 III 22 5