Foxx Corporation acquired all of Greenburg Companys outstanding stock on January 1, 2019, for $658,000 cash. Greenburgs accounting records showed net assets on that date of $502,000, although equipment with a 10-year remaining life was undervalued on the records by $88,000. Any recognized goodwill is considered to have an indefinite life.

Greenburg reports net income in 2019 of $102,500 and $139,500 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.

Foxx Greenburg

Revenues $ (872,000 ) $ (840,000 )

Cost of goods sold 109,000 210,000

Depreciation expense 342,000 448,000

Investment income (20,000 ) 0

Net income $ (441,000 ) $ (182,000 )

Retained earnings, 1/1/21 $ (1,152,000 ) $ (404,000 )

Net income (441,000 ) (182,000 )

Dividends declared 120,000 20,000

Retained earnings, 12/31/21 $ (1,473,000 ) $ (566,000 )

Current assets $ 335,000 $ 165,000

Investment in subsidiary 658,000 0

Equipment (net) 1,044,000 646,000

Buildings (net) 984,000 434,000

Land 690,000 170,000

Total assets $ 3,711,000 $ 1,415,000

Liabilities $ (1,338,000 ) $ (549,000 )

Common stock (900,000 ) (300,000 )

Retained earnings (1,473,000 ) (566,000 )

Total liabilities and equity $ (3,711,000 ) $ (1,415,000 )

Transcribed image text: Determine the December 31, 2021, consolidated balance for each of the following accounts: values.) Consolidated Balances Depreciation expense Dividends declared Revenues Equipment Buildings Goodwill Common stock