On January 1, 2021, Toole had common Stock of $120,000 and retained earnings of $260,000 During the year Toole reported sales of $130,000, cost of goods sold of $70,000, and operating expenses of $40,000 On January 1, 2019, Tatum acquired 80 percent of Toole's outstanding common stock. At that date $60,000 of the acquisition date fair value was assigned to unrecorded contracts with a 20 year life and S20,000 to an under valued building with 10 year remaining life. In 2020, Toole sold inventory costing 59,000 to Tatum for $15,000 of this merchandise, Tatum continued to hold 55,000 at year-end. During 2021, Toole transferred inventory costing $11,000 to Tatumn for $20,000. Tatum still held half of this inventory at year-end. On January 1, 2021, Toole had common Stock of $120,000 and retained earnings of $260,000 During the year Toole reported sales of $130,000, cost of goods sold of $70,000, and operating expenses of $40,000 On January 1, 2019, Tatum acquired 80 percent of Toole's outstanding common stock. At that date $60,000 of the acquisition date fair value was assigned to unrecorded contracts with a 20 year life and S20,000 to an under valued building with 10 year remaining life. In 2020, Toole sold inventory costing 59,000 to Tatum for $15,000 of this merchandise, Tatum continued to hold 55,000 at year-end. During 2021, Toole transferred inventory costing $11,000 to Tatumn for $20,000. Tatum still held half of this inventory at year-end