On $01/01/2024,$ Company A acquired $95$ percent of Company B asset for $$53,000,000.$ The book value of Company B asset was equal to $$50,000,000$ at the date of acquisition. The fair value of the non controlling interest was equal to $$2,650,000$ at that date. The different was assigned entirely to buildings and equipment, which had a $10-$year remaining useful life at the date of the acquisition.

On December $31,2024,$ the trial balances of the two companies were as follows: Comprehensive Consolidation in Year of Acquisition with a Consolidation Worksheet

On $1/1/2023,7-$Eleven acquired $90$ percent of Speedway's net idenrifiable assets, at underlying book value. The fair value of the noncontrolling interest was equal to $10$ percent of the book value of Speedway at that date. $7-$Eleven uses the equity method in accounting for its ownership of Speedway. On December $31,2023,$ the trial balances of the two companies are as follows:

On December $31,2023,$ the trial balances of the two companies are as follows:

$\backslash$table$[[,7-$Eleven Corporation,Speedway Company$],[$Item$,$Debit,Credit,Debit,Credit$],[$Cash$,44,459,,260,776,],[$Accounts Receivable,$3,344,,21,672,],[$Land$,135,344,,40,603,],[$Buildings & Equipment,$406,032,,203,016,],[$Investment in Speedway,$331,913,,0,],[$Cost of Goods Sold,$3,34,,231,508,],[$Depreciation Expense,$101,508,,4,060,],[$Other Expenses,$8,120,,1,672,],[$Dividends Declared,$30,000,,10,000,],[$Accumulated Depreciation,,$27,069,,40,603],[$Accounts Payable,,$6,688,,26,672],[$Bonds Payable,,$75,000,,90,000],[$Common Stock,,$200,000,,75,000],[$Retained Earnings,,$595,034,,135,000],[$Sales$,,8,360,,406,032],[$Income from Subsidiary,,$151,913,,],[,1,064,063,1,064,063,773,307,773,307]]$