Park effectively gained control over tiny by acquiring 55% of tiny’s common shares issuing 500,000 shares with market value of $1.25 per share to tiny’s shareholders on december 31, 2016. there was an assessment of $475,000 for tiny’s non-controlling shares. the balance sheets of park (including the effect of the acquisition) and tiny on december 31, 2016 are shown below: post-acquisition park tinyca s h 300,000 125,000a/r 170,000 500,000inventory 330,000 120,000other current as sets 240,000 50,000equipment 620,000 375,000accumulated depreciation equipment (120,000) (75,000)land 100,000buildings (net) 600,000 0goodwill 0 75,000investment in tiny 625,000 0 total assets 2,765,000 1,270,000account payable (750,000) (650,000)lt liabilities (830,000) (102,000)common stock and apic (625,000) (400,000)retained earnings, 12/31/16 (560,000) (118,000) total liabilities and se (2,765,000) (1,270,000)at the date of acquisition, the due diligence team determined the following fair values: tiny – fmvdec 31, 2016459,000 a/r 1-year turnover150,000 inventory 1-year turnover170,000 unrecorded patent 10 years useful life150,000 land indefinite useful life104,000 lt liability 2 yearspark uses the equity method to account for the investment in tiny on its books. during 2017 the following transactions took place: • park’s total sales were $600,000. all sales from park were made to tiny. park’s sales had a 100% markup on the cost of goods sold. at the end of 2017, tiny held inventory balance of $300,000 from the items purchased from park.• park sold equipment to tiny on january 1, 2017 for $100,000 in cash. this equipment had a net book value of $90,000 ($180,000 original costs and $90,000 accumulated depreciation) and a useful life of 10 years at the time of the sale.• tiny reported net income of $375,000 and paid dividends of $50,000. park reported net income of $133,500 (including equity in tiny’s income) and paid dividends of $50,000.during 2018 the following transactions took place: • all sales from park were made to tiny. park’s sales had a 100% markup on the cost of goods sold. the entire inventory from 2017 was sold during the year. at the end of 2018, tiny’s entire ending balance of inventory consisted of items purchased from park. as a result of these sales, there was a balance of $100,000 in intercompany accounts receivable and payable.• tiny sold land to park for $125,000. this land had a book value of 100,000. the financial statements of park and tiny for 2018 were as follows: income statement 2018 park tinysales 750,000 1,225,000cogs (375,000) (700,000)operating expenses (including depreciation) (421,000) (160,000)gain on sale of land 25,000equity in tiny's income 167,950 0 net income 121,950 390,000balance sheetcash 2018park980,000 2018tiny 1,120,000a/r 270,000 500,000inventory 30,000 350,000other current assets 240,000 50,000equipment 440,000 475,000accumulated depreciation equipment (112,000) (155,000)land 125,000 bui l dings (net) 540,000 goodwill (sub) 0 75,000investment in tiny 782,450 total assets 3,295,450 2,415,000account payable (1,125,000) (1,130,000)lt liabilities (830,000) (102,000)common stock and apic (625,000) (400,000)retained earnings, 12/31/18 (715,450) (783,000)total liabilities and equity (3,295,450) (2,415,000)required: 1. determine the goodwill assigned to non-controlling interest at the acquisition date (2 points).2. determine the schedule of amortization of ecobv for the years 2017 and 2018 (2 points).3. what is the balance of "investment in tiny" at december 31, 2017? use the t-account to present the calculations (3 points).4. what is the balance of "equity in tiny’s income" in 2017? use the t-account to present the calculations (2 points).5. calculate the balance of nci at december 31, 2018. provide detail calculations of the three components of this balance (3 points).6. prepare consolidation adjustment entries (12 points).7. complete a consolidated worksheet for park company and its subsidiary tiny company as of december 31, 2018. use the format provided on the next page (you can write your own excel worksheet, but with the indicated format) (6 points).