Daniels company reports the following year-end account balances at december 31, 2017. accounts payable $20,000 inventory $40,000 accounts receivable $40,000 land $100,000 bonds payable, long-term $250,000 goodwill $10,000 buildings $160,000 retained earnings $115,000 cash $50,000 sales revenue $500,000 common stock $100,000 supplies inventory $5,000 cost of goods sold $200,000 supplies expense $20,000 equipment $80,000 wages expense $100,000 what is daniels' net income for 2017?

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inv entory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a. prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price. b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1