Problem 1(14 Points): Santa Corporation is $ \& percent owned subsidiary of Panta Corporation, acquired by Panta on January 1,20Xl for $320,000 when Santa's common stock and retained earnings were $100,000 and $160,000 respectively. All book values of Santa's assets and liabilities were equal to their fair values except inventory which was undervalued by $60,000 and unrecorded patent which its fair value is equal the remaining of differential value with remaining life of 10 years. Both firms are using FIFO method of inventory. Followings are the transactions of merchandize between these two firms: 5. Verify the amount 20X2 of Income from Santa for $34,600 (1 point). 6. Unrealized profit in Santa's beginning inventory is (1 point): $ 7. Unrealized profit in Santa's ending inventory is (l point): $ 8. Patent (net) that appear in the Dec. 31,202 consolidated balance sheet (show all of your calculations) (1 point): $ 9. Verify the balance of investment in Santa that appear in the 20X2 Panta's balance sheet (1 point)