The following balance sheets have been prepared as at December 31, 2021 for Sterling Corp. and Silver Co. Ltd. Cash Accounts Receivable Inventory Property and plant (net) Investments in Silver Current liabilities Bonds payable Common Shares Retained earnings Sterling Silver $ 68,000 $ 30,000 80,000, 170,000 600,000 400,000 1,400,000 352.000 $2.500.000 $ 400,000 500,000 900,000 $1.500.000 $ 150,000 600,000 900,000 700.000 $2,500,000 450,000 300.000 $1,500,000 Additional information: 1) 2) 3) Sterling acquired its 40% interest in Silver for $352,000 in 2016, when Silver's retained earnings were $170,000 and common shares were $450,000. The acquisition differential on that date was fully amortized by the end of 2021. In 2020, Sterling sold land to Silver and recorded a gain of $75,000 on the transaction. The land is still being used by Silver. The December 31, 2021, inventory for Sterling contained a profit recorded by Silver amounting to $25,000. On December 31, 2021, Silver owes Sterling $45,000. 4) 5) Sterling has used the cost method to account for its investment in Silver. 6) Both companies have a 40% income tax rate. REQUIRED: Prepare selected consolidated balance sheet amounts for Sterling as at December 31, 2021, in accordance with GAAP, assuming that the investment in Silver is a joint venture investment and is reported using proportionate consolidation. (proportionately adjusted financial statements) a) Calculate acquisition differential at acquisition date (2 marks) Summarize Intercompany Eliminations and Gains/Losses (2.5 marks) b) c) 1) Accounts Receivable (1.5 marks) 2) Property and Plant (net) (1.5 marks) 3) Inventory (1.5 marks) 4) Common Shares (1 mark)