MaGriff acquired 80% of CurloyQuo Company on January 1, 2021 for $102,000, On that acquisition date the fair value of the noncontrolling interest was $48,000 On the acquisition date, CurleyQue reported retained earnings of $50,000 and common stock outstanding of $100,000 MaGriff uses the equity method in accounting for the investment in Curleyque.

INSTRUCTIONS: 

Provide correct answers for the indicated blank spaces. Follow the requirements: 

1. IF the dollar amount is in a journal entry, DO NO included a dollar sign with that dollar amount. Otherwise, include a dollar sign for dollar amount 

2. Include a comma delimiter for dollar amounts where appropriate, eg this 6,750 NOT THIS 6750. 

3. Account names MUST be spelled correctly. A listing of account names is as follows: 

Books of MaGriff cash investment in Curley Que income from Curley Que dividend income Loss due to impairment

Assume also that CurleyQue reported the following during 2021 OR at the end of 2021, December 31: $15,000 Dividends Declared... Net Income........ Goodwill impairment.. 35,000 3,000