Metal Corporation acquired 75 percent ownership of Ocean Company on January 1, 20X1, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Ocean Company. Consolidated balance sheets at January 1, 20X3, and December 31, 20X3, are as follows Jan. 1, 20X3 Dec. 31, 20X3 tem Assets Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Patents $ 69,500 S 101,500 86,000 101,000 116,000 124,000 57,000 522,000 557,000 (178,500) (215,000) 9,000 47,000 10,000 Total Assets $672,000 $ 734,500 Liabilities & Owners' Equity Accounts Payable Wages Payable Notes Payable Common Stock ($10 par value) Retained Earnings Noncontrolling Interest $ 59,000 S 64,000 23,000 17,000 245,000 260,000 136,000 136,000 185,000 229,500 24,000 28,000 Total Liabilities & Owners' Equity $672,000 $ 734,500 Metal Corporation acquired 75 percent ownership of Ocean Company on January 1, 20X1, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Ocean Company. Consolidated balance sheets at January 1, 20X3, and December 31, 20X3, are as follows Jan. 1, 20X3 Dec. 31, 20X3 tem Assets Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Patents $ 69,500 S 101,500 86,000 101,000 116,000 124,000 57,000 522,000 557,000 (178,500) (215,000) 9,000 47,000 10,000 Total Assets $672,000 $ 734,500 Liabilities & Owners' Equity Accounts Payable Wages Payable Notes Payable Common Stock ($10 par value) Retained Earnings Noncontrolling Interest $ 59,000 S 64,000 23,000 17,000 245,000 260,000 136,000 136,000 185,000 229,500 24,000 28,000 Total Liabilities & Owners' Equity $672,000 $ 734,500