Joe, Inc., and Bil Inc. created a business combination on January 1, 2016 when Joe acquired a percentage of the sition are Part 1 shares of Bill. The details of thea below- Joe 85% Percentage ac Acquisition Value Bill's book value on date of a Note: The acquisition 1,824,090.00 $ 690,000.00 tion was considered to Bill's total fair value. excess acquisition value should be allocated to the foll identifiable assets: Trademarks are undervalued b Rer An unrecorded patent is valued at Remaining life of patent $ 58,000.00 useful life of trademarks $ 45,000.00 excess acquisition-date fair value was assigned to Since the date of acquisition, Joe has applied the equity method to its Investment in Bill account for internal record keeping purposes; no goodwill impairment has occurred Over the years, intercompany inventory sales between the two companies have been made and are summarized below Transfer Price to Joe $154,000 117,000 150,000 156,000 115,000 Ending Balance (at transfer price) $40,000 30,000 50,000 60,700 23,680 Cost to Bill 2016 2017 2018 2019 2020 $110,000 0,000 100,000 102,000 82,000 On J 1, 2018, Joe sold land to Bi Information related to this sale is Original cost to Bill Transfer Price $ 170,000.00 $275.000.00 On J 2, 2019, Bill sold a building to Joe. Details related to this transactions are Ori Accumulated d Transfer price Rer $ 190,000.00 $ 101,300.00 $ 183,700.00 l cost to Bill ciation at time of transfer g useful life