E5.3 Consolidation Eliminating Entries, Date of Acquisition and Two Years Later Plaza Hotels LO 1, 2 acquired a 90 percent interest in Stardust Casinos on January 1, 2020 for $51,100,000. The fair value of the 10 percent noncontrolling interest at the date of acquisition was $2,900,000. Stardust's date-of- acquisition reported net assets were carried at amounts approximating fair value, except for these items Plant and equipment, 10-year life, straight-line, is overvalued by $6,000,000 e Previously unrecorded limited-life identifiable intangibles, 4-year life, straight-line, were valued at $8,000,000. Stardust's equity accounts at the date of acquisition were as follows: Capital stock Retained earnings .. . S 300,000 1,650,000 50,000 $2,000,000