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Question: 1 on january 2 2016 konerko corporation purchased a 40...

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1) On january 2, 2016, Konerko Corporation purchased a 40% interest in Grace, Inc. for $400,000. Fair values of Grace's net assets equaled book values except for equipment undervalued by $80,000. The equipment had an eight- year remaining life. During 2016, Grace reported net income of $120,000 and paid dividends of$30,000.                                                                                                                                                                                                                                                       What is Konerko Equity Income for 2016?

2) On January 1, 2016, Everett, Inc. purchased Barber Corporation for $750,000. On that date the net assets of Barber had a book value of $450,000, and book values were equal to fair values with the following exception:

What amount of goodwill appeared on the consolidated balance sheet at December 31, 2016?

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