4 15 points eBook On June 30, 2021, Plaster, Inc., paid $828,000 for 80 percent of Stucco Company's outstanding stock. Plaster assessed the acquisition-date fair value of the 20 percent noncontrolling interest at $207,000. At acquisition date, Stucco reported the following book values for its assets and liabilities: Cash Accounts receivable Inventory Land Buildings Equipment Accounts payable $ 54,300 114,900 183,600 58,800 158,300 271,400 (31,700) Ask Print (Parentheses indicate credit balances.) On June 30, Plaster allocated the excess acquisition-date fair value over book value to Stucco's assets as follows: References Equipment (3-year remaining life) Database (10-year remaining life) $ 68,000 157,400 At the end of 2021, the following comparative (2020 and 2021) balance sheets and consolidated income statement were available: Plaster, Inc. December 31, Consolidated December 31, 2020 2021 Cash $ 38,700 $ 218,500 Accounts receivable (net) 325,800 436,700 Inventory 373,500 647,800 Land Buildings (net) Equipment (net) Database Total assets Accounts payable 270,000 328,800 220,500 328,800 1,620,000 0 $ 2,848,500 1,840,500 149,530 $ 3,950,630 96,300 1,173,320 1,620,000 230,000 831,010 $ 3,950,630 $ Long-term liabilities Common stock 72,000 360,000 1,620,000 $ Noncontrolling interest 0 Retained earnings 796,500 Total liabilities and equities $ 2,848,500 PLASTER, INC., AND SUBSIDIARY STUCCO COMPANY Consolidated Income Statement