On January 1, 2017, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,356,000 in cash and securities. On the acquisition date, Stylene had the following balance sheet

Determine the fair value in excess of book value for Prestiges acquisition date investment in Stylene.

Determine Prestige's December 31, 2018, Investment in Stylene balance.

Prepare a worksheet to determine the balances for Peregrines December 31, 2018, consolidated financial statements.

36,200 99, 000 214, 000 1,550, 000 898, 000 2,797,200 Accounts payable 1,073,200 Accounts receivable ntory Equipment (net) Trademarks Common stock Retained earning 800, 000 924,000 2,797,200 At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Renaining Useful Life Book Value Fair Value Equipment Customer lists $1,708,000 161,000 982,000 $1,550,000 898, 000 indefinite During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent Dividends $ 25, 000 2017 2018 $216,000 457,000 45, 000 Dvidends are declared and paid in the same period. The December 31, 2018, separate financial statements for each company appear below. Parentheses indicate credit balances Prestige Stylene $2,984, 000) 2,110,000 $5,280, 000) 2,840,000 45, 000 183, 000 397,000 Depreciation expense Anortization expense 410, 000 Equity earnings in Stylene Net income $ 2,109,000) (464,000) Statement of Retained Earning Retained earnings 1/1 Net income (above) Dividends declared $1,074,000 $3,410,000) (2,109,000) (464, 000) 45, 000 150, 000 Retained earnings 12/31 (5,369, 000) $ 1,493,000) sheet 476,000 712,000 941,000 2,798, 000 6,610,000 153,000 3,350, 000 258,000 65,500 84,500 482, 000 Accounts receivable nventory Investnent in Stylene Equipment customer list 1,485, 000 924, 000 Goodwill Total assets $15,298,000 3,041,000 Accounts payable Common stock (8,500, 000) ,369, 000 (800, 000) earnings, 12/31 1,493, 000 Total liabilities and equity $ (15,298, 000 $ 3,041,000 36,200 99, 000 214, 000 1,550, 000 898, 000 2,797,200 Accounts payable 1,073,200 Accounts receivable ntory Equipment (net) Trademarks Common stock Retained earning 800, 000 924,000 2,797,200 At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Renaining Useful Life Book Value Fair Value Equipment Customer lists $1,708,000 161,000 982,000 $1,550,000 898, 000 indefinite During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent Dividends $ 25, 000 2017 2018 $216,000 457,000 45, 000 Dvidends are declared and paid in the same period. The December 31, 2018, separate financial statements for each company appear below. Parentheses indicate credit balances Prestige Stylene $2,984, 000) 2,110,000 $5,280, 000) 2,840,000 45, 000 183, 000 397,000 Depreciation expense Anortization expense 410, 000 Equity earnings in Stylene Net income $ 2,109,000) (464,000) Statement of Retained Earning Retained earnings 1/1 Net income (above) Dividends declared $1,074,000 $3,410,000) (2,109,000) (464, 000) 45, 000 150, 000 Retained earnings 12/31 (5,369, 000) $ 1,493,000) sheet 476,000 712,000 941,000 2,798, 000 6,610,000 153,000 3,350, 000 258,000 65,500 84,500 482, 000 Accounts receivable nventory Investnent in Stylene Equipment customer list 1,485, 000 924, 000 Goodwill Total assets $15,298,000 3,041,000 Accounts payable Common stock (8,500, 000) ,369, 000 (800, 000) earnings, 12/31 1,493, 000 Total liabilities and equity $ (15,298, 000 $ 3,041,000