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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 Qs please Pinnead Shalle Sales $800,000 $300,000 Income from Shalle 78,400 Cost of sales (100,000) (100,000) Depreciation (70,000) (30,000) Other Expenses (130,000) (70,000) Net Income $578,400 $100,000 Calculate the Excess fair value over book value of Shalle
2.Calculate the goodwill that will appear in the consolidated balance sheet of Pinnead and Subsidiary at December 31, 2011.
3.Calculate consolidated net income for 2011.
4.Calculate the noncontrolling interest share for 2011.