please explain what I'm

doing wrong.

7. On January 1 of the ycar of acquisition, Ashlcy Incorporated pays $300,000 for 60% of Marea Company's outstanding common stock in a purchase transaction. Marca reported common stock on that date of $250,000 with retained carnings of $100,000. Equipment, which had a ten-year remaining life, was undervalued in Marea's financial records by $20,000. During the due diligence process, it was discovered that Marea had a patent that was not on the books, but had a market value of $50,000. The patent has a useful life of 10 years. Marca earns income and pays cash dividends as follows: NClV=35040%=140KFVexces(70k40%)=? Inonc 4040%=16k6040%=24k9040%=36k On the balance sheet at the end of the second year, what amount should be reported as noncontrolling interest in Marea Company at the end of the second year? a. $200,000 b. $341,600 c. $241,600 d. $276,000 Anm puostivator. 21k Dividents 212 8. McGuirc Company acquired 90 percent of Hogan Company on January 1, 2014, for $234,000 cashThis amount is reflective of Hogan's total fair value. Hogan's stockholders' equity consisted of