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Required Questions 2 5

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Required Questions 2 5.P Company acquired 90% of s Corporation on January 1, 2011, for $2,250,000. S Inc. had net assets at that time with a fair value of $2,500,000. At the time of the acquisition, P Inc. computed the annual excess fair-value amortization to be $20,000, based on the difference between S Inc. net book value and net fair value. Assume the fair value exceeds the book value, and $20,000 pertains to the whole company. Separate from any earnings from S Inc., P Inc. reported net income in 2011 and 2012 of 5550,000 and $585,000, respectively. S Inc reported the following net income and dividend payments for 2011 net income $150,000 and Dividends 30,000 and for 2012 net income 180,000 and Dividends 28,892 Calculate Investment in Starr shown on Patterson's ledger by the end of December 31, 2012 Using Full Equity Methods, please (5 Points) Enter your answer 6. Consolidated net income for 2012 15 Points Search I ATENTI