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Paper Corp purchased 70% of the outstanding shares of Sand Ltd. on January 1. Year 2, at a cost of $84,000. Paper has always used the equity method to account for its investments. On January 1, Year 2, Sand had common shares of $50,000 and retained earnings of $30,000, and fair values were equal to carrying amounts for all its net assets, except inventory (fair value was $9.000 less than carrying amount) and equipment (fair value was $24,000 greater than carrying amount) The equipment, which is used for research had an estimated remaining life of six years on January 1. Year 2 The following are the financial statements of Paper Corp. and its subsidiary Sand Ltd as at December 31, Year 5 Sand $ 10,000 25,000 45,000 44,000 76,000 30,000 BALANCE SHEETS At December 31, Year 5 Paper Cash $ Accounts receivable 36,000 Note receivable Inventory 66,000 Equipment (net) 220,000 Land 155,000 Investeent in Sand 110,250 $587, 258 Bank Indebtedness $ 90,000 Accounts payable 50,000 Notes payable 45,000 Comon shares 150,000 Retained earnings 252, 250 $567,250 $230,000 $ 60,000 50,000 120,000 $230,000 Check my work Sand $ 300,00 INCOME STATEMENTS For the year ended December 31, Year 5 Sales Paper $ 798,000 Management fee revenue 24,000 Equity method income from Sand 1,050 Interest income Gain on sale of land 823,050 Cost of sales 480,000 Research and development expenses 40,000 Interest expense 10, eee Miscellaneous expenses 106,000 Income taxes 80,000 716,000 Net Income $ 107,050 3,600 25,000 328.600 200,000 12,000 31,600 34,000 277,600 51,000 $ Additional Information . . During Year 5. Sand made a cash payment of $2,000 per month to Paper for management fees, which is included in Sards Miscellaneous experises During Year 5. Paper made intercompany sales of $100.000 to Sand, The December 31, Year 5, inventory of Sand contained goods purchased from Paper amounting to $30,000. These sales had a gross profit of 35% On April 1 Year 5, Paper acquired land from Sand for $45.000. This land had been recorded on Sand's books at carrying amount of $20.000 Paper paid for the land by signing a $45.000 note payable to Sand bearing yearly interest at 8% Interest for Year 5 paid by Paper in cash on December 31 Year 5. This land was still being held by Paper on December 31 Year 5 The value of consolidated goodwill remained unchanged from January 1 Year 2 to July Year 5 on July 1 Year 5. ovations performed indicating that the recoverable amount of consolidated goodwill was $3,500 Check my work performed, indicating that the recoverable amount of consolidated goodwill was >3,500. . During the year ended December 31, Year 5. Paper paid dividends of $80,000 and Sand paid dividends of $20,000 Sand and Paper pay taxes at a 40% rate. Assume that none of the gains or losses were capital gains or losses. Required: (a) Prepare, in good form, a calculation of goodwill and any undepleted acquisition differential as of December 31, Year 5. (Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit S sign in your response.) Balance January 1, Year 2 $ Changes to Year 2.4 5 Year 5 $ Balance Dec. 31. Year 5 $ Inventory Equipment Goodwill $ Check my work (b) Prepare Paper's consolidated Income statement for the year ended December 31, Year 5, with expenses classified by function PAPER CORP Consolidated Income Statement For the Year Ended December 31, Year 5 Total revenue 0 Total expenses 0 Attributable to Shareholders of Paper Non-controlling foteles Check my work (c) Calculate the following balances that would appear on Paper's consolidated balance sheet as at December 31 Year 5 (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.) (1) Inventory Inventory () Land Land (1) Notes payable Notes payable (iv) Non-controlling interest Non-controlling interest () Common shares Common shares estat on the nation calculate Inventory Check my (H) Land Land $ () Notes payable Notes payable (iv) Non-controlling interest Non-controlling interest (v) Common shares Common shares (d) Assume that an independent business valuator valued the non-controlling interest at $30.000 at the date of acquisition Calculate goodwill impairment loss and profit attributable to non-controlling interest for the year ended December 31, Year 5 (Omit S sign in your response.) 60001 impairment loss Profit attributable to non-controlling Interest