Question 2 (20 marks) Pots purchased 70% of Spatula's common shares for $210,000 on June 1, Year 4. Pots and Spatula Inc. had the following balance sheets on June 1. Year 4 prior to the purchase Pots Cash Spatula Fair Value $300,000 $50,000 $50,000 Accounts Receivable $25.000 $29,000 $24.000 Inventory $80.000 $60.000 $67,000 Plant and Equipment (net) $310,000 $270,000 $240,000 Trademark $30.000 $43,000 Total Assets $715.000 $439.000 Accounts Payable $120,000 $85.000 $85,000 Bands Payable $420,000 $207.000 $205.000 Common Shares $110,000 $87.000 Retained Earnings $65.000 $60 000 Total Liabilities and Equity $715.000 $439.000 Required: a) Prepare the journal entry to record the purchase of Spatula's common shares on June 1, Year 4. b) Prepare calculation and allocation of acquisition differential schedule and the consolidated balance sheet at June 1. Year 4. For the Consolidated Balance Sheet prepare in good formar and write out all words completely, including account names. Include all #s in brackets on the consolidated BS: CV + CV =/. FVIs c) Calculate goodwill and non-controlling interest on the consolidated balance sheet on June 1, Year 4 under the parent company extension theory. Hints: Goodwill = $166,000: Consolidated balance sheet total assets = $1,095,000