Question 2: Stilt Corporation purchased a 30% interest in the common stock of Shallow Company for $7,000,000 on January 1, 2015, when the book value of Shallow's net equity was $20,000,000. Shallow's book values equaled their fair values except for the following items: Inventories Land Building-net Equipment-net Book Value $400,000 100,000 300,000 320,000 Fair Value $500,000 300,000 200,000 400,000 Required: 1. Prepare a schedule to allocate any excess purchase cost to identifiable assets and goodwill for the year 2015. (you may use the schedule above) 2- Prepare all necessary entries by Stilt at the end of year 2015 assuming that Shallow Company reported Net income $3,000,000 and distributed cash dividends $450,000 for year 2015. Inventories were sold during 2005; the remaining useful life for building and equipment 5 years each. 3- What is Stilt's investment in Shadow On December 31,2015