McGuire Company acquired 90 percent of Hogan Company on January 1, 2019, for $234,000 cash. This amount is reflective of Hogan's total acquisition-date fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following:

Book Value

Fair Value

Building (10-year life)

$10,000

$8,000

Equipment (4-year life)

14,000

18,000

Land

5,000

12,000

Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years.

1) The acquisition value attributable to the noncontrolling interest at January 1, 2019 is:

2) In consolidation at January 1, 2019, what adjustment is necessary for Hogan's Patent account?

3) In consolidation at December 31, 2020, what net adjustment is necessary for Hogan's Patent account?

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