Please show work notes, thank you and stay safe!

Exercise 5-4 On January 1, 2015, Porter Company purchased an 80% interest in Salem Company for $256,500. On this date, Salem Company had common stock of $206,700 and retained earnings of $128,300. An examination of Salem Company's balance sheet revealed the following comparisons between book and fair values: Inventory Other current assets Equipment Land Book Value $30,500 49,500 299,000 197,700 Fair Value $35,500 55,500 349,600 197,700 (a) Your answer is partially correct. Try again. Determine the amounts that should be allocated to Salem Company's assets on the consolidated financial statements workpaper on January 1, 2015. Parent Share Non- Controlling Share Entire Value x Purchase Price and Implied Value 268000 67000 335000 x X Less Book Value of Equity Acquired Difference between Implied and Book Value (11500) (2875) (14375) Inventory (4000) (1000) (5000) Current Assets (4800) (1200) (6000) M Equipment (Net) (40480) (10120) (50600) x x Balance x Gain (60780) Increase Noncontrolling Interest to Fair Value of Assets (15195) Total Allocated Bargain (75975) X x X Balance (60781) (15195) (75975)