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:

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

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

At year-end, there were no intra-entity receivables or payables.a. Compute the goodwill allocation to the controlling and noncontrolling interest.b. Show how Parflex determined its “Investment in Eagle” account balance.c. 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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Cash and receivables Inventory Property and equipment (net) $ 15,000 35,000 350,000 $400,000 Liabilities Common stock Retained earnings $ 76,000 150,000 174,000 $400,000