Advance financial The balance of Income from Slash account on December 31 , 2020 is

Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2020 The stockholder's equity section at that date is as follows: Stockholder's Equity Section Point Slash Common Stock 600,000 $200,000 Additional Paid in Capital 1,000,000 400,000 Retained Earnings 800,000 600,000 100,000 50,000 Accumulated Other comprehensive Income Total Stockholders' Equity $2,500,000 $1,250,000 Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for: Buildings which had a fair value of $50,000 more than its book value and a remaining useful life of 10 years. Land which had a fair value of $40 000 more than its book value Merchandise Inventory which had a fair value of 20,000 more than its book value and was sold during 2020, Intemally created patent with a fair value of 30,000 and a useful life of 5 years. Any remaining differential wos related to goodwill Goodwill is deemed to be impaired and worth only $12.000 Slash has accounts payable to Point in the amount of $25.000 During 2020. Point & Slash had the following Point Slash 1. Declared cash dividends $120.000 $ 60.000 200.000 100,000 2. Earned net income 3. Eamed other comprehensive income from available for sale securities 40.000 20.000 Use this information to calculate the followings: w Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2020 The stockholder's equity section at that date is as follows: Stockholder's Equity Section Point Slash Common Stock 600,000 $200,000 Additional Paid in Capital 1,000,000 400,000 Retained Earnings 800,000 600,000 100,000 50,000 Accumulated Other comprehensive Income Total Stockholders' Equity $2,500,000 $1,250,000 Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for: Buildings which had a fair value of $50,000 more than its book value and a remaining useful life of 10 years. Land which had a fair value of $40 000 more than its book value Merchandise Inventory which had a fair value of 20,000 more than its book value and was sold during 2020, Intemally created patent with a fair value of 30,000 and a useful life of 5 years. Any remaining differential wos related to goodwill Goodwill is deemed to be impaired and worth only $12.000 Slash has accounts payable to Point in the amount of $25.000 During 2020. Point & Slash had the following Point Slash 1. Declared cash dividends $120.000 $ 60.000 200.000 100,000 2. Earned net income 3. Eamed other comprehensive income from available for sale securities 40.000 20.000 Use this information to calculate the followings: w