Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2019, for $600,000 cash. Greenburg's accounting records showed net assets on that date of $470,000, although equipment with a 10-year remaining life was undervalued on the records by $90,000. Any recognized goodwill is considered to have an indefinite life. Greenburg reports net income in 2019 of $90,000 and $100,000 in 2020. The subsidiary declared dividends of $20,000 in each of these two years. Account balances for the year ending December 31, 2021, follow. Credit balances are indicated by parentheses. Revenues S Cost of goods soldi Depreciation expense Investment income Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in subsidiary Equipment (net) Buildings (net) Land Total assets Liabilities Common stock Foxx $ (800,000) 100,000 300,000 (20,000) $ (420,000) $ (1,100,000) (420,000) 120,000 Greenburg $ (600,000) 150,000 350,000 $ (100,000) $ (320,000) (100,000) 20,000 $ (1,400,000) $ (400,000) $ 300,000 600,000 $ 100,000 900,000 600,000 800,000 400,000 600,000 100,000 $ 3,200,000 $ (900,000) (900,000) $ 1,200,000 $ (500,000) (300,000)