On January 1, 2019. Peanut Oil Company acquired 75% of the outstanding common stock of Shell Inc., paying $ 600,000 in cash. On January 1, 2019, the book value of Shell's net assets was $ 360,000. On January 1, 2019, the fair value of Shell's Building exceeded the net) book value of the Building by $ 60,00 The fair value of all other assets and liabilities was equal to the book value as of that date, and you may assume that the fair value of 100% of Shell Inc. was proportional to the amount paid by Peanut Oil. As of January 1, 2019 the Building had a remaining useful life of ten years. On December 31, 2019, prior to closing their books for the year, the trial balances of Peanut Oil and Shell Inc. were as follows: "PRE-CLOSING TRIAL BALANCE - DEC 31, 2019 Peanut Oil Company Debit Credit Shelling Debit Credit Cash Inventory Building (net Investment in Shol Accounts Payable Common Stock Retained Earings 30.000 250.000 180 000 600,000 700.000 663,000 10,000 300,000 140.000 1.500,000 300,000 1.200,000 600.000 900.000 100,000 400 000 20.000 130,000 Cost of Sales Depreciation Expense Other Expense Income from Investment in Shell Dividends 80 000 70,500 40,000 10.000 TOTAL 3.210.500 3.210.500 970.000 970,000 *Note that in a Pre-Closing Trial Balance, the amount reported for Retained Earnings would represent the Retained Earnings balance at the beginning of the period. Income Allocated to NonControlling Interest: Year Ending December 31, 2019: Goodwill on December 31, 2019 Consolidated Balance Sheet: Building & Equipment (net) on Dec. 31, 2019 Consolidated Balance Sheet: Non-Controlling Interest on Dec. 31, 2019 Consolidated Balance Sheet