Johnson PLC acquires 80 percent of Steven PLC for $2,080,000 on January 1, 2020. The book values of Steven PLC's assets and liabilities are equal to the fair values which equals $2,500,000 Steven PLC reports net income of $500,000 during the year. Dividends of $200,000 are declared by Steven PLC on December 5. These dividends are to be paid next year. The balance sheets of Johnson PLC and Steven PLC at December 31 , 2020 are as follows : Steven PLC Cash Johnson PLC Book Value 300,000 400,000 Johnson PLC Fair Value 300,000 390,000 80,000 200,000 Accounts receivable , net Dividends receivable Equipment - net Building net Land Investment in David 160,000 1,000,000 2,000,000 1,600,000 ? 160,000 1.200,000 2,500,000 1.800,000 ? -0 800,000 1,000,000 1,400,000 -0 PLC Total Assets Accounts payable Dividends payable Notes payab Capital stock Retained earnings Total liabilities and equity 7.780,000 500,000 100,000 1,000,000 2,000,000 4,180,000 7,780,000 8,670,000 500,000 100,000 1,000,000 3,480,000 80,000 200,000 400,000 1,000,000 1,800,000 3,480 ,000 includes $100,000