On January $1,2020,$ Corgan Company acquired $80$ percent of the outstanding voting stock of Smashing, Inc., for a total of $$980,000$ in cash and other consideration. At the acquisition date, Smashing had common stock of $$700,000,$ retained earnings of $$250,000,$ and a noncontrolling interest fair value of $$245,000.$ Corgan attributed the excess of fair value over Smashing's book value to various covenants with a $20-$year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following:

$\backslash$table$[[,$Net Income,Dividends Declared,Inventory Purchases from Corgan$],[2020,$$$150,000,$$$35,000,$$$100,000$