On January $1,2019,$ Parflex Corporation exchanged $$344,000$ cash for $90$ percent of Eagle Corporation$$s outstanding voting stock. Eagle$$s acquisition date balance sheet follows:

Cash and receivables $ $15,000$ Liabilities $ $76,000$

Inventory $35,000$ Common stock $150,000$

Property and equipment $($net$)350,000$ Retained earnings $174,000$

$ $400,000$ $ $400,000$

On January $1,2019,$ Parflex prepared the following fair$-$value allocation schedule:

Consideration transferred by Parflex $ $344,000$

$10\%$ noncontrolling interest fair value $36,000$

Fair value of Eagle $380,000$

Book value of Eagle $324,000$

Excess fair over book value $56,000$

to equipment $($undervalued$,$ remaining life of $9$ years$)18,000$

to goodwill $($indefinite life$)$ $ $38,000$

The companies$$ financial statements for the year ending December $31,2021,$ follow:

Parflex Eagle

Sales $ $(862,000)$ $ $(366,000)$

Cost of goods sold $515,000209,000$

Depreciation expense $191,20067,000$

Equity in Eagle's earnings $(79,200)0$

Separate company net income $ $(235,000)$ $ $(90,000)$

Retained earnings $1/1$ $ $(500,000)$ $ $(278,000)$

Net income $(235,000)(90,000)$

Dividends declared $130,00027,000$

Retained earnings $12/31$ $ $(605,000)$ $ $(341,000)$

Cash and receivables $ $135,000$ $ $82,000$

Inventory $255,000136,000$

Investment in Eagle $488,9000$

Property and equipment $($net$)964,000328,000$

Total assets $ $1,842,900$ $ $546,000$

Liabilities $ $(722,900)$ $ $(55,000)$

Common stock$$Parflex $(515,000)0$

Common stock$$Eagle $0(150,000)$

Retained earnings $12/31(605,000)(341,000)$

Total liabilities and owners' equity $ $(1,842,900)$ $ $(546,000)$

At year$-$end, there were no intra$-$entity receivables or payables.

Compute the goodwill allocation to the controlling and noncontrolling interest.

Show how Parflex determined its $$Investment in Eagle$$ account balance.

Determine the amounts that should appear on Parflex$$s December $31,2021,$ consolidated statement of financial position and its $2021$ consolidated income statement.Common stock$-$tagle

Retained earnings $12/31$

Total liabilities and owners' equity

year$-$end, there were no intra$-$entity receivables or payables.

Compute the goodwill allocation to the controlling and noncontrollir

Show how Parflex determined its "Investment in Eagle" account bala

Determine the amounts that should appear on Parflex's December $3$

$2021$ consolidated income statement.

Complete this question by entering your answers in the tabs bel

Required $A$

Show how Parflex determined its "Investment in Eagle" account balance.