Allen Company acquired 100 percent of Bradford Companys voting stock on January 1, 2017, by issuing 10,000 shares of its $10 par value common stock (having a fair value of $23.50 per share). As of that date, Bradford had stockholders equity totaling $182,100. Land shown on Bradfords accounting records was undervalued by $12,000. Equipment (with a five-year remaining life) was undervalued by $5,700. A secret formula developed by Bradford was appraised at $35,200 with an estimated life of 20 years.

The following are the separate financial statements for the two companies for the year ending December 31, 2021. There were no intra-entity payables on that date. Credit balances are indicated by parentheses.

	Allen Company				Bradford Company
Revenues	$	(560,000	)		$	(205,000	)
Cost of goods sold		185,000				76,000
Depreciation expense		192,750				78,600
Subsidiary earnings		(47,500	)			0
Net income	$	(229,750	)		$	(50,400	)
Retained earnings, 1/1/21	$	(834,000	)		$	(108,000	)
Net income (above)		(229,750	)			(50,400	)
Dividends declared		175,500				40,000
Retained earnings ,12/31/21	$	(888,250	)		$	(118,400	)
Current assets	$	306,000			$	92,000
Investment in Bradford		221,800				0
Company
Land		456,000				72,900
Buildings and equipment (net)		846,000				190,000
Total assets	$	1,829,800			$	354,900
Current liabilities	$	(251,550	)		$	(171,500	)
Common stock		(600,000	)			(60,000	)
Additional paid-in capital		(90,000	)			(5,000	)
Retained earnings, 12/31/21		(888,250	)			(118,400	)
Total liabilities and equity	$	(1,829,800	)		$	(354,900	)

Complete the table to show the computation for Subsidiary Earnings. (Negative amounts should be indicated by a minus sign.)

	Amounts
Equity earnings	$0