The following balances were taken from the records of Pharoah Company: Wildhorse Company purchased 75\% of Pharoah Company's common stock on January 1, 2021 for $905,100. The difference between implied value and bookvalue is attributable to assets with a remaining useful life on January 1, 2023 of ten years. (a) Compute the difference between cost/(implied) and book value applying: 1. Parent company theory. 2. Economic unit theory. Your answer is incorrect. Assuming the economic unit theory: 1. Compute noncontrolling interest in consolidated income for 2023 . 2. Compute noncontrolling interest in net assets on December 31, 2023. 1. Noncontrolling interest in consolidated income \$ 2. Noncontrolling interest in net assets $ The following balances were taken from the records of Pharoah Company: Wildhorse Company purchased 75\% of Pharoah Company's common stock on January 1, 2021 for $905,100. The difference between implied value and bookvalue is attributable to assets with a remaining useful life on January 1, 2023 of ten years. (a) Compute the difference between cost/(implied) and book value applying: 1. Parent company theory. 2. Economic unit theory. Your answer is incorrect. Assuming the economic unit theory: 1. Compute noncontrolling interest in consolidated income for 2023 . 2. Compute noncontrolling interest in net assets on December 31, 2023. 1. Noncontrolling interest in consolidated income \$ 2. Noncontrolling interest in net assets $