e. None of the above NC Interest. On January 1, 2013, Pilgrim Company purchased 75% percent of the outstanding voting shares of S Company for $1,500 cash. Pilgrim did not pay a control premium. At January 1,2013, S Company's net assets had a total carrying amount of $400. Of this, S150 is for capital stock and $250 for retained earnings. S Company does not issue or retire shares during the period under consideration. Equipment (8-year remaining life) was undervalued on S Company's financial records by $800. Any remaining excess fair value over book value was attributed to a customer list developed by S Company (5-year remaining life), but not recorded on its books. At December 31, 2015, S Company's retained earnings are $850. Year 2015 Revenues and Expenses for each company are as follows