On January 1, 2018, ALPHA Company acquired all of BETA Companys outstandingcommon stock for $1,263,000 in cash. As of that date, one of BETAs buildings with a 12-year remaining life was undervalued on its financial records by $108,000. Equipment with a10-year life was undervalued, but only by $15,000. The book values of all of BETAs otherassets and liabilities were equal to their fair values at that time except for an unrecordedlicensing agreement with an assessed value of $60,000 and a 20-year remaining useful life.BETAs book value at the acquisition date was $1,080,000. During 2018, BETA reported netincome of $150,000 and paid $45,000 in dividends. Earnings were $180,000 in 2019 with$45,000 in dividends distributed by the subsidiary. As of December 31, 2020, the companiesreported the following selected balances, which include all revenues and expenses for theyear: