Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December 31, 2019. Adams paid a total of $603,000 in cash for these shares. The 10 percent noncontrolling interest shares traded on a daily basis at fair value of $67,000 both before and after Adams's acquisition. On December 31, 2019, Barstow had the following account balances: Current assets Land Buildings (10-year remaining life) Equipment (5-year remaining life) Patents (10-year remaining life) Notes payable (due in 5 years) Common stock Retained earnings, 12/31/19 Book Value Fair Value $ 160,000 150,000 $ 160,000 120,000 220,000 200,000 160,000 200,000 0 (200,000) 50,000 (180,000) (180,000) (280,000) December 31, 2021, adjusted trial balances for the two companies follow: Adams Corporation Barstow, Inc. Debits Current assets $ 610,000 $ 250,000 Land 380,000 150,000 Buildings 490,000 250,000 Equipment 873,000 150,000 Investment in Barstow, Inc. 702,000 0 Cost of goods sold Depreciation expense Interest expense Dividends declared Total debits 480,000 90,000 100,000 55,000 40,000 15,000 Credits Notes payable Common stock Retained earnings, 1/1/21 Revenues Investment income Total credits 110,000 $ 3,785,000 $ 860,000 510,000 1,367,000 70,000 $ 1,030,000 $ 230,000 180,000 340,000 940,000 108,000 $ 3,785,000 280,000 0 $ 1,030,000 At year-end, there were no intra-entity receivables or payables.