On january 1 2020 mcllroy inc acquired a 60% interest in the common stock of stinson inc, for $351,600 stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $207,900. Also the acquisition date fair value of the 40% noncontrolling interest was $234,400. The subsidiary held patents with a 10 year remaining life that were indervalued within the companys accounting records by $88,600 and an unrecorded customer list (15-year remaining life ) assesed at a $64,500 fair value. Any remaining excess acquisition date fair value was assigned to goodwill . Since the acquisition Mcllroy gas applied the enquity method to its investment in stinson account and no goodwill impairment has ocurred . At year end there are no intra entity payables or receivables

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