Preston Company acquired 80% of Sparkle Corporation's stock for $2,170 in cash on January 1, 2020, when Sparkle Corporation's book value was $500, consisting of $50 in capital stock, $435 in retained earnings, and $15 in accumulated other comprehensive income. The fair value of the noncontrolling interest was $430 at the date of acquisition. Preston uses the complete equity method to account for the investment on its own books. 1, At the time of acquisition, all of Sparkle's assets and liabilities were reported at fair value, except for unreported identifiable intangible assets with a fair value of $300. These intangibles are appropriately recorded as assets per ASC Topic 805, and have a remaining life of 2 years, straight- line as of the date of acquisition. Goodwill arising from this acquisition is tested annually for impairment, and impairment for 2020 is $300. t is now December 31, 2020, and you are preparing the consolidated financial statements. Sparkle reported net income of $750, an other comprehensive loss of $10, and declared and paid dividends of $100 for 2020. Required a. Calculate total goodwill at the date of acquisition and its allocation to the controlling and noncontrolling interest. Calculate equity in net income of Sparkle for 2020, as reported on Preston's separate books, and noncontrolling interest in net income of Sparkle for 2020, as reported on the consolidated income statement. Prepare the eliminating entries, in journal form, to consolidate Preston and Sparkle's trial balances at December 31, 2020. b. c