View Policies Current Attempt in Progress The following balances were taken from the records of Sunland Company: Commeon stock (1/1/2021 and 12/31/2021) $723,800 Retained earnings 1/1/2021 $163,200 MNet income for 2021 184,100 Dividends declared in 2021 (44,100) Retained earnings, 12/31/21 303,200 Total stockholders' equity on 12/31/21 $1,027,000 Oriole Company purchased 75% of Sunland Company's common stock on January 1, 2021 for $901,500. The difference between implied value and book value is attributable to assets with a remaining useful life on January 1, 2021 of ten years. (a) Compute the difference between cost/(implied) and book value applying: 1. Parent company theory. 2. Economic unit theory. Difference 1. Parent company theory $ 1160600 2. Economic unit theory $ (b) 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 $ eTextbook and Media Save for Later Attempts: 0 of 2 used Submit