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Prepare the workpaper entries necessary on December 31, 2013, to allocate and depreciate the difference between book value and the value implied by the purchase

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Prepare the workpaper entries necessary on December 31, 2013, to allocate and depreciate the difference between book value and the value implied by the purchase price. (Round onswers to O decimal ploces, eg. 5,125. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. Prepare a Computation and Allocation Schedule for the difference between bookvalue and the value implied by the purchase price in the consolidated statements workpaper on the acquisition date. (Round present value foctor calculations to 5 decimal places, e. 1.25136 and final answers to O decimal places, es. 5.125.) On January 1, 2013, Point Corporation acquired an 80% interest in Sharp Company for $2,030,000. At that time Sharp Company had common stock of $1,502,000 and retained earnings of $702,000. The book values of Sharp Company's assets and liabilities were equal to their fair values except for land and bonds payable. The land had a fair value of $100,000 and a book value of $82,000. The outstanding bonds were issued at par value on January 1, 2008, pay 11% annually, and mature on January 1, 2018, The bond principal is $499,000 and the current yield rate on similar bonds is 9%

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