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On January 1, 2015, the Prather Company purchased 80% of Sun Incorporated's outstanding common stock for $1,360,000 cash. On that date, Sun's total fair value, including the noncontrolling interest, was assessed at $1,700,000, even though Sun's book value was only $1,200,000. Additionally, Sun's financial records indicated several items, shown below, with differences between book values and fair values.

Table 1: Sun's Book Values and Fair Values

Account Book Values Fair Values Land

$120,000

$450,000 Building and

equipment (life remaining: 10 years)

$550,000

$500,000 Copyright (life

remaining: 20 years) $200,000

$400,000 Notes payable

(due in 8 years) $(260,000)

$(240,000)

For purposes of internal reporting, Prather used the equity

method of accounting for this investment. The account balances for both

companies are shown below in Table 2. Parentheses indicate credits.

Table 2: Account Balances for Year Ending December 31, 2015

Account Prather Sun Revenues

$(2,720,000) $(1,080,000) Cost

of goods sold $1,400,000

$770,000 Depreciation

expense $520,000

$20,000

Amortization expense

$-

$10,000

Interest expense $88,000

$10,000

Equity in Sun's income $(210,000)

$-

Net income $(922,000)

$(270,000) Retained earnings, January

1, 2015 $(2,530,000)

$(880,000) Net income (above)

$(922,000) $(270,000)

Dividends paid $520,000

$130,000

Retained earnings, December 31, 2015

$(2,932,000) $(1,020,000)

Current assets $1,930,000

$1,056,000 Investment in Sun

$1,466,000

$-

Land $584,000

$120,000 Buildings and

equipment (net) $1,754,000

$530,000 Copyright

$-

$190,000

Total assets $5,734,000

$1,896,000 Accounts payable

$(382,000)

$(296,000) Notes payable

$(920,000)

$(260,000) Common stock

$(600,000)

$(200,000) Additional paid-in capital

$(900,000)

$(120,000) Retained earnings (see

above) $(2,932,000)

$(1,020,000) Total liabilities and equities

$(5,734,000) $(1,896,000)

Consolidated Totals:

Revenues =

Cost of goods sold =

Depreciation expense =

Amortization expense =

Interest expense =

Equity in income of Sun =

Net income =

Retained earnings, 1/1 =

Noncontrolling interest in income of subsidiary =

Dividends paid =

Retained earnings, 12/31 =

Current assets =

Investment in Sun =

Land =

Buildings and equipment (net) =

Copyright =

Total assets =

Accounts payable =

Notes payable =

Noncontrolling interest in subsidiary =

Common stock =

Additional paid in capital =

Retained earnings, 12/31 =

Total liabilities and equities =