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Question 2 (31 points) Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2019. The stockholder's equity section of Slash's balance sheet at that date is as follows: Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for: - Buildings which had a fair value of $50,000 more than its book value and a remaining useful lifeof 10 years. - Land which had a fair value of $40,000 more than its book value. - Merchandise Inventory which had a far value of 20,000 more than its book value, and was sold during 2019 . - Internally created patent with a fair value of 30,000 and a useful life of 5 years. - Any remaining differential was related to goodwill. Goodwill is deemed to be impaired and worth only $12,000. - Slash has accounts payable to Point in the amount of $25,000. During 2019, Point \& Slash had the followings: Required a) Calculate the amount of total differential. (1 points) b) Use the T-accounts below to show the changes related to these accounts. (3 points) -) C-1a..lota tha followinet (5 noints) 3. Consolidated Retained Earnings 4. Consolidated Comprehensive Income 5. Consolidated Comprehensive Ineome attributable to controlling interest d) Prepare the elimination entry needed on December 31, 2019. (22 points) Note: Optional elimination entry is not required

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