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1. On January 1, 2011. Pinnead Incorporated paid $299,895 for an 78% interest in Shalle Company At that time, Shalle's total book value was $299,000. Patents were undervalued in the amount of $10,000. Patents had a 3-year remaining useful life, and any remaining excess value was attributed to goodwill. The income statements for the year ended December 31, 2011 of Pinnead and Shalle are summarized below. Use The Implied Methods for this Os please Shalle $300,000 Sales Income from Shalle Cost of sales Depreciation Other Expenses Net Income Pinnead $800,000 78,400 (100,000) (70,000) (130,000) $578,400 (100,000) (30,000) (70,000) $100,000 Calculate the excess fair value over book value of Shalle (5 Points) Enter your answer