40. Padre Inc. buys 80 percent of the outstanding common stock of Siena Corporation on January 1, 2021, for $802,720 cash. At the acquisition date, Serm's total fair value, including the noncontrolling interest, was assessed at $1001,400 although Sier's hook value was only $490.000 Ale, send individual items on Sen's fancial reconds had fair values that differed from their book vales as follow Land Book Vale $ 65,000 F Buildings and equipment (10year remaining 287,000 Copyright (20-year remaining 122,000 $290,000 263,000 216,000 Notes payable (de in years) (176,000) (137,600) For internal porting purposes Padne, Inc. employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies Revenues Cost of goods w Depreciation Amortization spee Interest expense Equity in ice of S Net income Retained earnings 1/1/21 Net income Dividends declared Retained earnings 12/31/21 Current Land Buildings and equipment (Mt) C $1.394990) 774.000 274.000 $2,100 (177120) $472,000) (1275,000) 1472000) 240.000 $1487000) 927.540 360000 901000 Sletts $ (684,900) 432,000 11,600 6300 9.200 $ (226.000) $ (530,000) (226,000) 65.000 $ 764700 45.000 275.400 115.900 $1.221000 S (194000) A Non pestle A Retained (60.000)