Alex, Incorporated, buys $40$ percent of Steinbart Company on January $1,2023,$ for $$1,540,000.$ The equity method of accounting is to be used. Steinbart's net assets on that date were $$3\mathrm{.}70$ million. Any excess of cost over book value is attributable to a trade name with a $20-$year remaining life. Steinbart immediately begins supplying inventory to Alex as follows