Please show all the calculations Chestnut Corporation acquired 30 percent of the voting...
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Please show all the calculations
Chestnut Corporation acquired 30 percent of the voting stock of Apples Corporation on January 2, 2022, for $2 million in cash. Apples balance sheet and estimated fair values of its assets and liabilities on January 2, 2022 are as follows (in thousands). In addition to its reported assets, Apples has unreported franchise agreements (5-year life) valued at \$1 million. Its PP\&E has a 20 -year average remaining life. reported income of $1.5 million and paid no dividends in 2022. a. How many shares of Apples stock did Chestnut acquire? b. Prepare a schedule, in good form, that shows the computation of Chestnuts equity in Apples net income for 2022. c. How much goodwill, if any, was generated as a result of Chestnuts 30% acquisition of Apples shares
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