In reviewing its acquisition, Truman assigned a $104,500 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years. The following financial information is available for these two companies for 2021. In addition, the subsidiary's income was earned uniformly throughout the year. The subsidiary declared dividends quarterly. Revenues Operating expenses Income of subsidiary Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Current assets Investment in Atlanta Land Buildings Truman Atlanta $ (715,065) $ (470,000) 441,000 (53,935) 295,000 0 $ (328,000) $ (175,000) $ (920,000) $ (546,000) (328,000) 140,000 (175,000). $ (1,108,000) $ 90,000 (631,000) $ 516,390 $ 466,000 785,610 0 412,000 271,000 752,000 652,000 $ 2,466,000 Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/21 Total liabilities and stockholders' equity. $ (858,000) (95,000) (405,000) (1,108,000) $(2,466,000) $ 1,389,000 $ (438,000) (300,000) (20,000) (631,000) $(1,389,000)