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You received partial credit in the previous attempt. Check my work View previous attempt Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20x2, for $108,500. At that date, the noncontrolling interest had a fair value of $46,500 and Soda reported $70,000 of common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value $20,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Pop Corporation Soda Company Item Debit Credit Debit Credit Cash & Accounts Receivable $ 15,400 $ 21,600 Inventory 165,000 35, eee Land 80,000 40, eee Buildings & Equipment 340,000 260,000 Investment in Soda Company 109,600 Cost of Goods Sold 186,000 79,800 Depreciation Expense 20,000 15,000 Interest Expense 16,000 5,200 Dividends Declared 30,000 15,000 Accumulated Depreciation $140,000 $80,000 Accounts Payable 92,400 35,000 Bonds Payable 200,000 100,000 Bond Premium 1.600 12

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