The following balances were taken from the records of S Company: Common stock (1/1/13 and 12/31/13) Retained earnings 1/1/13 Net income for 2013 Dividends declared in 2013 Retained earnings, 12/31/13 Total stockholders' equity on 12/31/13 $150,000 200,000 (40,000) $750,000 310,000 $1,060,000 P Company purchased 80% of S Company's common stock on January 1, 2011 for $1,000,000. The difference between implied value and book value is attributable to assets with a remaining useful life on January 1, 2013 of ten years. Required: A. Compute the difference between cost/(implied) and book value applying: 1. Parent company theory. 2. Economic unit theory. B. Assuming the economic unit theory: 1. Compute noncontrolling interest in consolidated income for 2013. 2. Compute noncontrolling interest in net assets on December 31, 2013.