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 balance sheets at January 1, 20X3, and December 31, 20X3, are as follows Consolidated Jan. 1. Dec. 31 20X3 Item Assets Cash Accounts Receivable 20X3 S 75,500 $107,500 94,000 109,000 117.000 125.000 46.000 56.000 522.000 557,000 180,500) (217,000) 6,000 5,000 Buildings & Equipment Less: Accumulated Depreciation Patents Total Assets $ 680,000 $ 742.500 Liabilities & Owners' Equity Accounts Payable Wages Payable Notes Payable Common Stock ($10 par value) Retained Earnings Noncontrolling Interest S 55,000 $ 60,000 22,000 16,000 235,000 250,000 148,000 148,000 200,000 244,500 20,000 24.000 Total Liabilities &Owners Equity S 680.000 $ 742.500 The consolidated income statement for 20X3 contained the following amounts Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Amortization Expense Other Expenses 49.000 36,500 11,000 1,000 25,000 (377,500) Consolidated Net Income Income to Noncontrolling Interest $ 86,000 (9,500) Income to Controlling Interest $ 76,500 Metal and Ocean paid dividends of $32,000 and $22,000 respectively, in 20X3