Required Paisley Incorporated OnJanuary 1, 2011. Paisley Incorporated paid $300,000 for 60% of Smarnia Company's outstanding capital stock. Smarnia reported common stock onthat date of $250,000 and retained earnings of $100,000. Plant assets, which had a five-year remaininglife, were undervalued in Smarnia's financial records by $10,000. Smarnia alsohad a patent that was not on the books, but had a market value of $60,000. Thepatent has a remaining useful life of 10 years. Any remaining fair value/bookvalue differential is allocated to goodwill. Smarnia's net income and dividendspaid the first three years that Paisley owned them are shown below. Net Dividends Income Paid 2011 80,000 30,000 2012 90,000 10,000 2013 60.000 20,000 TheyUse Acquisition Methods & Implied Goodwill & Equity Mehtod For Investment Account. Base on this case please answer the following Questions 1. Calculate the Equity income for the noncontrolling interest for Year 2011 (2 Points) Enter your answer 2. Calculate the Equity Income for the noncontrolling interest for Year 2012 (2 points) 3. Calculate the Equity Income for the noncontrolling interest for Year 2013 (3 Points) Enter your answer 4. In regarding to the noncontrolling interest, Calculate thier Equity Increase for 3 years periods (3 Points) Enter your answer 5. Calculate The Ending Balance In The Investment In Smarnia Account By the end of year 2011 (2 Points) Enter your answer 6. Calculate The Ending Balance In The Investment In Smarnia Account By the end of year 2012 (2 Points) Enter your
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