Q2: On January 1, 2020, Darcy acquired a 60% interest in Sutton Manufacturing, Inc. Darcy paid for the transaction with $3 million cash and 500,000 shares of Darcy common stock (par value $1.00 per share). At the time of the acquisition, Sutton's book value was $14,970,000. On January 1, Darcy stock had a market value of $16.00 per share and there was $400,000 control premium in this transaction. Any consideration transferred over book value is assigned to goodwill. Sutton had the following balances on January 1, 2020. Book Fair Value Value Land $1,700,000 $2,550,000 Buildings (seven-year remaining life) 2,700,000 3,400,000 Equipment (five-year remaining life) 3,700,000 3,300,000 For internal reporting purposes, Darcy employed the equity method to account for this investment. Prepare a schedule to determine goodwill, and the amortization and allocation amounts. Total Controlling Noncontrolling Interest Interest share Share Life Annual Amortization Consideration transferred for Sutton Book value Fair value in excess of book value Excess cost assigned to specific accounts based on fair values Land Buildings Equipment Goodwill