The following consolidation worksheet journal entry was made on the consolidation date:

De. Common Stock $300,000

De. APIC $60,000

De. Retained Earnings $120,000

De. Land $50,000

De. Inventory $50,000

De. Building $100,000

De. Trademarks $70,000

De. Goodwill $580,000

Cr. Investment in S $780,000

Cr. Equipment $30,000

Cr. NCI $520,000

The Share in S possessed by P is $27,000 according to the professor as you can see following image.

My question is how to get ECOBV of $56,000, Gain on sale $50,000 and Excess Depreciation 5,000.

P Co. obtained 60% of the common stock of S Co. on January 1, 2017 for $780,000 in cash. As of that date, S had the following trial balance: Credit Debit $ 70,000 Accounts receivable Additional paid-in capital Buildings net (20-year life) 60,000 140,000 Cash and short-term investments 70,000 Common stock 300,000 Equipment net (5-year life) Inventory 240,000 110,000 Land 90,000 Liabilities 240,000 120,000 Retained earnings, 1/1/17 $ 720,000 Totals $720,000 As of January 1, 2017, S's land had a fair market value of $140,000, its inventory was valued at $160,000 (this was sold in 2017), buildings were valued at $240,000, its equipment was appraised at $210,000, and trademarks at $70,000 (10-year life). P decided to usee the equity method to account for this investment in its books. During 2017, S reported net income of $14,000 while paying dividends of $12,000. Also on 1/1/2017, S sold a building to P for $160,000 (book value of the building in S's books was $110,000). The building had remaining useful life of 10 years and no salvage value. P retained possession of the building as of Dec 31, 2017 NCI shure in &n,bou 14000 Pep inc. (30) (0100) Go,000 Grin on all (201000 err Depre S000 2,000 2000 n 000 .000 P Co. obtained 60% of the common stock of S Co. on January 1, 2017 for $780,000 in cash. As of that date, S had the following trial balance: Credit Debit $ 70,000 Accounts receivable Additional paid-in capital Buildings net (20-year life) 60,000 140,000 Cash and short-term investments 70,000 Common stock 300,000 Equipment net (5-year life) Inventory 240,000 110,000 Land 90,000 Liabilities 240,000 120,000 Retained earnings, 1/1/17 $ 720,000 Totals $720,000 As of January 1, 2017, S's land had a fair market value of $140,000, its inventory was valued at $160,000 (this was sold in 2017), buildings were valued at $240,000, its equipment was appraised at $210,000, and trademarks at $70,000 (10-year life). P decided to usee the equity method to account for this investment in its books. During 2017, S reported net income of $14,000 while paying dividends of $12,000. Also on 1/1/2017, S sold a building to P for $160,000 (book value of the building in S's books was $110,000). The building had remaining useful life of 10 years and no salvage value. P retained possession of the building as of Dec 31, 2017 NCI shure in &n,bou 14000 Pep inc. (30) (0100) Go,000 Grin on all (201000 err Depre S000 2,000 2000 n 000 .000