5. Erin Corporation acquired 80% of the outstanding stock of Mikell, Inc. on January 1, 2021 for $1,750,000 in cash. The fair value of the remaining 20% ownership was $425,000. The book value of Mikell, Inc. at acquisition date was $1,725,000. One of Mikell's buildings, with a 10-year remaining life, was undervalued in the company's accounting records by $150,000. Also, Mikell had unrecorded technology with an estimated 12-year life and a fair value of $205,000. Required: Prepare the allocation of consideration, including an allocation of goodwill between the controlling interest and the noncontrolling interest.