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Show me the steps to solve On January $1,2022,$ Parflex Corporation exchanged $$344,000$ cash for $90$ percent of Eagle Corporation$$s outstanding voting stock. Eagle$$s acquisition date balance sheet follows:

Cash and receivables$ $15,000$Liabilities$ $76,000$Inventory$35,000$Common stock$150,000$Property and equipment $($net$)350,000$Retained earnings$174,000$$ $400,000$$ $400,000$

On January $1,2022,$ Parflex prepared the following fair$-$value allocation schedule:

Consideration transferred by Parflex$ $344,00010\%$ noncontrolling interest fair value$36,000$Fair value of Eagle$380,000$Book value of Eagle$324,000$Excess fair over book value$56,000$to equipment $($undervalued$,$ remaining life of $9$ years$)18,000$to goodwill $($indefinite life$)$$ $38,000$

The companies$$ financial statements for the year ending December $31,2024,$ follow:

ItemsParflexEagleSales$ $(862,000)$$ $(366,000)$Cost of goods sold$515,000209,000$Depreciation expense$191,20067,000$Equity in Eagle's earnings$(79,200)0$Separate company net income$ $(235,000)$$ $(90,000)$Retained earnings $1/1$$ $(500,000)$$ $(278,000)$Net income$(235,000)(90,000)$Dividends declared$130,00027,000$Retained earnings $12/31$$ $(605,000)$$ $(341,000)$Cash and receivables$ $135,000$$ $82,000$Inventory$255,000136,000$Investment in Eagle$488,9000$Property and equipment $($net$)964,000328,000$Total assets$ $1,842,900$$ $546,000$Liabilities$ $(722,900)$$ $(55,000)$Common stock$$Parflex$(515,000)0$Common stock$$Eagle$0(150,000)$Retained earnings $12/31(605,000)(341,000)$Total liabilities and owners' equity$ $(1,842,900)$$ $(546,000)$

At year$-$end, there were no intra$-$entity receivables or payables.

Required:

Compute the goodwill allocation to the controlling and noncontrolling interest.

Show how Parflex determined its $$Investment in Eagle$$ account balance.

Determine the amounts that should appear on Parflex$$s December $31,2024,$ consolidated statement of financial position and its $2024$ consolidated income statement.

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