Question 2 On January 1, 2019, Parent Company purchased 70% of the common stock of Subsidiary Company for $350,000. On this date, Subsidiary had common stock, other paid-in capital, and retained earnings of $60,000, $200,000, and $150,000, respectively. Net income and dividends for 2 years for Subsidiary Company were as follows: 2020 2019 Net income $120,000 $80,000 Dividends 40,000 27.000 On Jan 1, 2019, fair values reveal that the only tangible assets of Subsidiary that were undervalued were; inventory and building. Inventory was worth $30,000 more than cost and the Building was worth $42,000 more than book value and has a remaining life of 6 years. The straight-line depreciation is used. Any remaining excess is goodwill. Required: a. Prepare an original value analysis schedule as at Jan 1, 2019 b. Prepare a determination and distribution of excess schedule at Jan 1, 2019 NE