On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $469,000 cash. The acquisition date fair value of the noncontrolling interest was $52,100. At January 1, 2016, Star's net assets had a total carrying amount of $364,700. Equipment (eight-year remaining life) was undervalued on Star's financial records by $48,000. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $42,000 in 2016 and $48,000 in 2017. Each year since the acquisition, Star has declared a $12,000 dividend. At January 1, 2018, Pride's retained earnings show a $150,000 balance. Selected account balances for the two companies from their separate operations were as follows: 2018 Revenues 2018 Expenses Pride $ 298,900 210,200 Star $ 171,100 117,100 On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $469,000 cash. The acquisition date fair value of the noncontrolling interest was $52,100. At January 1, 2016, Star's net assets had a total carrying amount of $364,700. Equipment (eight-year remaining life) was undervalued on Star's financial records by $48,000. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $42,000 in 2016 and $48,000 in 2017. Each year since the acquisition, Star has declared a $12,000 dividend. At January 1, 2018, Pride's retained earnings show a $150,000 balance. Selected account balances for the two companies from their separate operations were as follows: 2018 Revenues 2018 Expenses Pride $ 298,900 210,200 Star $ 171,100 117,100