Show how Parflex determined its "Investment in Eagle" account balance. PARFLEX CORPORATION AND EAGLE CORPORATION

Consolidation WorksheetOn January $1,2022,$ Parflex Corporation exchanged $$344,000$ cash for $90$ percent of Eagle Corporation's outstanding voting stock.

Eagle's acquisition date balance sheet follows:

On January $1,2022,$ Parflex prepared the following fair$-$value allocation schedule:

The companies' financial statements for the year ending December $31,2024,$ follow:

At year$-$end, there were no intra$-$entity receivables or payables.

Required:

a$.$ Compute the goodwill allocation to the controlling and noncontrolling interest.

b$.$ Show how Parflex determined its "Investment in Eagle" account balance.

c$.$ Determine the amounts that should appear on Parflex's December $31,2024,$ consolidated statement of financial position and its

$2024$ consolidated income statement.On January $1,2022,$ Parflex Corporation exchanged $$344,000$ cash for $90$ percent of Eagle Corporation's outstanding voting stock.

Eagle's acquisition date balance sheet follows:

On January $1,2022,$ Parflex prepared the following fair$-$value allocation schedule:

The companies' financial statements for the year ending December $31,2024,$ follow:

At year$-$end, there were no intra$-$entity receivables or payables.

Required:

a$.$ Compute the goodwill allocation to the controlling and noncontrolling interest.

b$.$ Show how Parflex determined its "Investment in Eagle" account balance.

c$.$ Determine the amounts that should appear on Parflex's December $31,2024,$ consolidated statement of financial position and its

$2024$ consolidated income statement.