Prepare the workpaper entries to allocate, amortize, and depreciate the difference between implied and book value on (a) 1/1/2020 (b) 12/31/2020 Dennante 5,500 Problem 2.40 points) On January 1, 2020, Pilsner Company acquired a 70% interest in Smalley Company for $3,500,000. On that date, Smalley Company had common stock of $900,000 and retained earnings of $1,700,000. The book values of assets and liabilities were equal to fair values except for the following Book Value Fair Value Inventory $ 55,000 $ 68,000 Supplies 8,000 Salaries Payable 7.500 9,700 Equipment (net) 130,000 290,000 Land 600,000 760,000 The inventory was sold in 2020. The equipment had an estimated remaining useful life of years. Pilsner Company uses the cost othod to red in investment in Smalley Company Required: Prepare the workpaper entries to allocate, amortize, and depreciate the difference between implied and book value on (a) 1/1/2020 (b) 12/31/2020 Problem 3030 points (A) Pin Company owns of the common stock of Simplex Comp Simplex Company el merchandise to Pinta anyar.com Doring 2019 2020 ch sales mounted to $700,000 and 51,100,000 respectively. At the end of each year. Pinta Company had to be fourth of the amount of good purchased from Simplex Company during that year Hequired rupere, men jumal form, lenty on the 12010020 centouted to workpper eliminate the entire (3) Paty Company el mercado Se Company or Dual SRL 400 ropectively. Althofer, Nimon Company of the stored for