On January $1,2021,$ Petunia Company purchased an $85\%$ interest in the capital stock of Sunflower Company for $$3,400($Cash $+$ Shares of Petunia Company$).$ Petunia Company uses the equity method to record its investment in Sunflower Company.

The plant is undervalued by $700(7$ year remaining life$)$ and the equipment is overvalued by $200(10$ year remaining life$)$ on January $1,2021.$

Balance sheet for the Petunia and Sunflower at acquisition are included on the December $31,2021$ Consolidation worksheets on the last pages.

Required: Answer all questions in the spaces provided below.

$(1$ point$).$ What is the total fair value of Sunflower at acquisition?

$(1$ point$).$ What is the the goodwill of Sunflower at acquisition?

$(1$ point$).$ What is the amount of non$-$controlling Interest reported at acquisition

on the January $1,2021$ balance sheet?

$(2$ point$).$ Prepare the working paper entry to eliminate any income earned from Sunflower Corporation during $2021($look to worksheet for amounts$).$