Help Save& Exit Check my Foxx Corporation acquired all of Greenburg Company's accounting records showed net assets on that date of $440,000, although equipment with a 10-year life was undervalued outstanding stock on January 1, 2016, for $586,000 cash. Greenburg's records by $56,500. Any recognized goodwill is considered to have an indefinite life. on the ports net income in 2016 of $105,000 and $137500 in 2017 The subsdiary declared dividends of $20,000 in each of these two years Account balances for the year ending December 31, 2018, follow Credit balances are indicated by parentheses Foxx cost of good? ?0 id Depreciation expense Investment income (1,164,000) (620,000) 155,000 440,000 145, s00 358,000 (20,000) s (600, s00) 8 (1,160, 000) (680, 500) Net income (25, 000) Retained earnings, 1/1/18 Net, income Dividends declared (418,000) (25, 000) 20,000 (1,720, 500)(423, 000) 120,000 Retained earnings, 12/31/18 194, 000 Investment in aubsidiary Equipment (net) Buildings (net) 373,000 586,000 1,082,000 964,000 626, 000 676, 000 594,00o 140, 000 1, 604, 000 Total assets 3,631,000 L1ab11ities Common stock (1,010, 500) (900,000) (1,720, 500) (300,000) (423,000) rnings Total iiabilities and equity 1 of 1