On January $1,2020,$ James Company purchased $100\%$ of the outstanding voting stock of Nolan, Inc., for $$1,000,000$ in cash and other consideration. At the purchase date, Nolan had common stock of $$500,000$ and retained earnings of $$185,000.$ James attributed the excess of acquisition$-$date fair value over Nolan's book value to a trade name with an estimated $25-$year remaining useful life. James uses the equity method to account for its investment in Nolan.

During the next $2$ years, Nolan reported the following.