On December 31, 2019, Akron, Inc., purchased 5 percent of Zip Companys common shares on the open market in exchange for $16,000. On December 31, 2020, Akron, Inc., acquires an additional 25 percent of Zip Companys outstanding common stock for $95,000. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common Stock Fair Value (12/31) 2019 $320,000 2020 $75,000 $7,000 380,000 2021 88,000 15,000 480,000 At December 31, 2020, Zip reports a net book value of $290,000. Akron attributed any excess of its 30 percent share of Zip's fair over book value to its share of Zip's franchise agreements. The franchise agreements had a remaining life of 10