Problem 3 - 46 points - Yow are doine this probtem for the IND OF THE YOUERTH (49 VEAB On January 1. 2012. Park Place Company acquired sons ef the common sook of Shin Lies Campany capital, and retained eamings of 540,000,5120,000, and 5190,000 respectively). Any excess of cost over book value is atributable to 1) inventory (worth $7,000 les than cont, FIFO is wed for inventories), 2) equipment (worth $11,000 less than book valus, a remeining life of five yein) and 3) Building (worth $54,000 more than book value, a remaining life of 15 year) 4) Patent (not on Shon Line's balance sheet, worth $20,000, a rensining life of five ycan) 5) Land (worth 525,000 more than book value) 6) Bonds Payable (fair value $8,000 more than book value, remainiag life of 10 yean) 7) Any other excess is attributed to Goodwill. Straight-line depreciation is used. Park Place has appeopriately aceounted for its inventhent in Short Line using the simple equity method. Required: a. Using the information above prepare a determination and distribution of excess scbedule (10) points) b. Using your-step-by-step guide, make the necessary journal entries bere (16 points) c. Calculate consolidated net income bere and on worksheet (4 points) and show your income split here ( 6 points) d. Post your entries from " 6 " to the workshect and FUL.Y COMPLETE the worksheet and the consolidated financial statements for the year ended December 31, 2014. (4 points)