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Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1, for $637,300 in cash. O'Brien reported net assets with a carrying amount of $358,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Fair Values Values Trademarks (indefinite life) 5 75,000 $ 258,000 Customer relationships (Syear remaining life) 0 93,600 Equipment (10year remaining life) 359,000 301,100 Any goodwill is considered to have an indefinite life with no impairment charges during the year, Following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses. Patrick O'Brien Revenues $(1,822,500) $ (748,000) Cost of goods sold 486,000 342,000 Depreciation expense 93,000 97,500 Amortization expense 38,400 0 Income from O'Brien (295,570) 0 Net income $(1,500,670) S (308,500) Retained earnings 1/1 3 (764,000) 5 (345,000) Net income (1,500,670) (308,500) Dividends declared 146,000 84,000 Retained earnings 12/31 $(2r118r570) 5 (5691500) Cash $ 279,000 $ 148,500 ReceiVahles 358,000 77,100 Inventory 196,000 224,000 Investment in O'Brien 935,870 0 Trademarks 542,000 76,200 Customer relationships 0 0 Equipment (net) 1,028,000 272,000 Goodwill 0 0 Total assets $ 3,338,870 $ 797,800 Liabilities $ (820,200) $ (128,300) Common stock (400,000) (100,000) Retained earnings 12/31 (2,118,570) (569,500) Total liabilities and equity $(3,338,870) $ (797,800) 3. Which investment method did Patrick use to compute the $295,570 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Consolidated Totals column should be entered with a minus sign.) Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Net income Retained earnings, 1/1 Net income (above) Dividends declared Retained earnings, 1231 Cash Receivables Inventory _ _ o _ -$ 0 (moon (s4sooo)_ m, -$ 0 196,000 224,000 Show IessA Investment in O'Brien 935,870 Trademarks 542,000 76,200 Customer relationships 0 0 Equipment (net) 1,028,000 272,000 Goodwill 0 0 Total assets $ 3,338,870 $ 797,800 $ 0 Liabilities (820,200) (128,300) Common stock (400,000) (100,000) Retained earnings (above) 2, 118,670 (569,500) 0 Total liabilities and equity $ (3,338,870) $ (797,800) $ 0 $ 0 $ 0