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Exercise III (10 points) On January 1, 2019, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equity method

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Exercise III (10 points) On January 1, 2019, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equity method to account for the investment. The following information is available for Kaltop's assets, liabilities, and stockholders' equity accounts on January 1, 2019: Current assets Land Building (twenty year life) Equipment(ten yearlife) Current liabilities Book Value $ 120,000 75,000 235,000 540,000 24,000 120,000 228,000 387,000 211.000 Fair Value $ 120,000 192,000 268,000 516,000 24,000 120,000 Long term liabilities Common stock Additional paid - in capital Retained earning Kaltop eamed net income for 2019 of $120,000 and paid duidends of $50.000 drage year. Calculate the 2019 total excess amortization of fais-talve allo It'hat is the balance in Cale's into one sud dalam cerut at det

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