Father Inc, buys $80$ percent of the outstanding common stock of Sam Corporation on January $1,2009,$ for $$680,000$ cash. At the acquisition date, Sam's total fair value was assessed at $$850,000$ although Sam's book value was only $$600,000.$ Also several individual items on Sam's financial records had fair values that differed from their book values as follows:

Land $$60,000$ BV $$225,0000$ FV

Buildings & Equipment $(10$ yr remaining life$)$ $$275,000$ BV $$250,000$ FV

Copyright $(20$ yr life$)$ $$100,000$ BV $$200,000$ FV

Notes payable $($due in $8$ yrs$)($$$130,000)$ BV $($$$120,000)$ FV

For internal reporting purposes, Father Inc. employs the equity method to account for this investment. The following account balances are for the year ending December $31,2009,$ for both companies. Using the acquisition method, determine consolidated balances for this business combination $($through either individual computations or the use of a worksheet$).$

Revenues $$(1,360,000)$ Father Co $$(540,000)$ Sam Co

Cost of Goods Sold $$700,000($Father Co$)$ $$385,000($Sam Co$.)$

Depreciation Expense $$260,000($Father Co$)$ $$10,000($Sam Co$)$

Amortization Expense $$0($Father Co$)$ $$5,000($Sam Co$.)$

Interest Expense $$44,000($Father Co$)$ $$5,000($Sam Co$)$

Equity in income of Sam $$(105,000)($Father Co$)$ $$0($Sam Co$)$

Net Income $$(461,000)($Father Co$)$ $$(135,000)($Sam Co$)$

Retained Earnings $1/1/09$ $$(1,265,000)($Father Co$)$ $$(440,000)($Sam Co

Net Income $($above$)$ $$(461,000)($Father Co$)$ $$(135,000)($SAm Co$)$

Dividends paid $$260,000($Father Co$)$ $$65,000($Sam Co$)$

Retained Earnings $12/31/09$ $$(1,466,000)($Father Co$)$ $$(510,000)($Sam Co$)$

Current Assets $$965,000($Father Co$)$ $$528,000($Sam Co$)$

Investment in Sam $$733,000($Father Co$)$ $$0($sam Co$)$

Land $$292,000($Father Co$)$ $$60,000($Sam Co$)$

Buildings & Equipment $($net$)$ $$877,000($Father Co$)$ $$265,000($Sam Co$)$

Copyright $$0($Father Co$)$ $$95,000($Sam Co$)$

Total Assets $$2,867,000($Father co$)$ $$948,000($Sam Co$)$

Accounts Payable $$(191,000)($Father Co$)$ $$(148,000)($Sam Co$)$

Notes Payable $$(460,000)($Father Co$)$ $$(130,000)($Sam Co$)$

Common Stock $$(300,000)($Father Co$)$ $$(100,000)($Sam Co$)$

Additional paid in capital $$(450,000)($Father Co$)$ $$(60,000)($Sam Co$)$

Retained Earnings $($above$)$ $$(1,466,000)($Father Co$)$ $$(510,000)($Sam Co$)$

Total liabilities and equities $$(2,867,000)($Father Co$)$ $$(948,000)($Sam Co$)$ Please complete the working paper elimination thank you!