Aztec Corporation purchased 70% of the outstanding shares of Inca Limited on January 1, 20X2, at a cost of $ 80,000. Aztec has always used the cost method to account for its investments. On January 1, 20X2, Inca had common shares of $ 50,000 and retained earnings of $ 30,000, and fair values were equal to carrying value for all of its net assets except for inventory (fair value was $ 9,000 less than carrying value) and equipment (fair value was $ 24,000 greater than carrying value). The equipment had an estimated remaining life of six years on January 1, 20X2.
The following are the separate- entity financial statements of Aztec and Inca at December 31, 20X5:

.;.
Additional Information
1. During 20X5, Inca made a cash payment of $ 2,000 per month to Aztec for management fees, which is included in Inca€™s €œother expenses.€
2. During 20X5, Aztec made intercompany sales of $ 100,000 to Inca. The December 31, 20X5, inventory of Inca contained goods purchased from Aztec amounting to $ 30,000. These sales had a gross profit of 35%.
3. On April 1, 20X5, Aztec acquired land from Inca for $ 40,000. This land had been recorded on Inca€™s books at a net carrying value of $ 20,000. Aztec paid for the land by signing a $ 40,000 note payable to Inca, bearing interest at 8%. Interest for 20X5 was paid by Aztec in cash on December 31, 20X5. This land was still being held by Aztec on December 31, 20X5.
4. The fair value of the consolidated goodwill remained unchanged from January 1, 20X2, to July 1, 20X5. On July 1, 20X5, a valuation was performed, indicating that the fair value of consolidated goodwill was $ 3,500.
5. Inca and Aztec pay taxes at a 40% rate. Assume that none of the gains or losses were capital gains or losses. Ignore the impact of future taxes for all transactions.

Required
1. Prepare a calculation of goodwill and any unamortized purchase price discrepancy as at December 31, 20X5.
2. Prepare Aztec€™s consolidated SCI for the year ended December 31, 20X5.
3. Calculate the following balances that would appear on Aztec€™s consolidated statement of financial position as at December 31, 20X5:
i) Inventory
ii) Land
iii) Notes payable
iv) Non-controlling interest
v) Commonshares

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Statements of Financial Position December 3, 20X5 Aztec Inca Cash Accounts receivable Note receivable Inventory Capital assets-net Land Investment in Inca Total 10,000 30,000 40,000 44,000 76,000 30,000 40,000 66,000 220,000 150,000 80,000 $556,000 $230,000 $140,000 40,000 150,000 226,000 $556,000 60,000 Accounts payable Notes payable Common shares Retained eamings Total 50,000 120,000 $230,000 Statements of Comprehensive Income Year Ended December 31, 20X5 Inca 300,000 Aztec $798,000 Sales Management fee revenue Investment income Gain on sale of land 24,000 14,000 3,600 20,000 323,600 200,000 12,000 Cost of sales Amortization expense Interest expense Other expenses Income tax expense 836,000 480,000 40,000 10,000 106,000 80,000 716,000 $120,000 31,600 32,000 275,600 $ 48,000 et income and comprehensive income Statements of Changes in Equity-Retained Earnings Section Year Ended December 31, 20X5 Retained eamings, beginning of year 106,000 120,000 Net income Dividends paid Retained eanings, end of year 92,000 48,000 (20,000 120,000 $226,000