Using the equity method sole the following: Park Corporation has acquired 75% of Syn Company stock for $300,000 on January 1, 2013 when Syn Equity consist of $210,000 capital stock and $40,000 retained earnings Dr Syn company Building was undervalued by $20,000 in time acquisition which had useful life of 10 years, exce Any excess differential above the $20,000 which was mentioned above should be allocated to goodwill. Syn Distributed cash dividends of $30.000, which is payable to the shareholders. In December 31, 2013 Syn had 70,000 net income. . Separate Company financial statements for the year ended December 31, 2013 for Park Corporation and its Subsidiary Syn Company provided below Park Syn Incomes statement and retained earnings 31. Dec 2013 Sales Income from Syn Cost of goods sold Operating expenses Net income Add: retained earnings, 1 Jan 2013 Less: dividends. Retained earnings 31 Dec. 2013 Balance sheet 31, Dec 2013 Cash Receivable net Dividends receivable form Syn Inventories Investment in Syn Land Building net equipment- net Total asset Account payable Dividends Payable Capital stock Retained earnings Total equity and liabilities $400,000 $51.000 ($250,000) ($100,600) $100,400 $170,000 ($50,000) $220,400 $58,000 $80,000 $22.500 $105,000 $328,500 $89,600 $170,000 $130,000 $925,600 $189,200 $516,000 $220,400 $925,600 USE Equity method 1. Calculate the following: [Marks: 10 ] o unamortized excess amount and the amount to be allocated to the goodwill $170,000 ($70,000) ($30,000) $70,000 $40,000 ($30,000) $80,000 $15,000 $25,000 $22,000 $52,000 $130,000 $120,000 $364,000 $44,000 $30,000 $210,000 $80.000 $364,000 O 2. Calculate the adjusted income from subsidiary for [Marks: 7] o the parent and o the NCI 3. Record the elimination entries required (no consolidation required) New Marks: 10+7+18= 351\