On February $1,$ Piscina Corporation completed a combination with Swimwear Company. At that date, Swimwear$$s account balances were as follows:

Items Book Value Fair Value

Inventory $ $1,020,000$ $ $1,076,000$

Land $640,000946,000$

Buildings $1,100,0001,206,000$

Unpatented technology $01,560,000$

Common stock $($$$10$ par value$)(750,000)0$

Retained earnings, $1/1(1,898,000)0$

Revenues $(672,000)0$

Expenses $560,0000$

Piscina issued $35,000$ shares of its common stock with a par value of $$25$ and a fair value of $$140$ per share to the owners of Swimwear for all of their Swimwear shares. Upon completion of the combination, Swimwear Company was formally dissolved.

Prior to $2002,$ business combinations were accounted for using either purchase or pooling of interests accounting. The two methods often produced substantially different financial statement effects. For this scenario,

Required:

What are the respective consolidated values for Swimwear$$s assets under the pooling method and the purchase method?

Under each of the following methods, how would Piscina account for Swimwear$$s current year, but prior to acquisition, revenues and expenses?

Pooling of interests method.

Purchase method.