On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,227,500 in cash and securities. On the acquisition date, Stylene had the following balance sheet: Cash Accounts receivable Inventory Equipment (net) Trademarks Total assets $ 31,200 143,500 Accounts payable 182,000 1,560,000 Common stock 964,000 Retained earnings $ 2,880,700 $ 1,246,700 800,000 834,000 Total liabilities and equity $ 2,880,700 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: Asset Equipment Customer lists Trademarks Book Value $ 1,560,000 0 964,000 Fair Value $1,690,000 214,000 1,026,500 Remaining Useful Life 8 years 4 years indefinite During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent.