On January 1, 2024, Patriot Company acquired 70 percent of Stryder Company for $154,000 cash. The noncontrolling interest in Stryder has a fair value of $66,000. The trial balances for the two companies on December 31, 2024, included the following amounts: Patriot Corporation Stryder Corporation Item Cash Debit 50,000 Accounts Receivable 60,000 Inventory 75,000 Land 60,000 Buildings and Equipment 300,000 Credit Debit 30,000 40,000 80,000 40,000 120,000 Credit Investment in Stryder Company NCI in NA of Stryder Cost of Goods Sold 270,000 170,000 Depreciation Expense 30,000 12,000 Other Expenses 80,000 63,000 Dividends Declared 40,000 15,000 Accumulated Depreciation 120,000 48,000 Accounts Payable 50,000 27,000 Mortgages Payable 100,000 25,000 Common Stock Retained Earnings 200,000 100,000 200,000 70,000 Sales Income from Stryder NCI in NI of Stryder 500,000 300,000 On the acquisition date, Stryder reported net assets with a book value of $170,000. A total of $10,000 of the excess is applied to goodwill, which was not impaired in 2024. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment. Stryder's depreciable assets had an estimated economic life of 10 years on the date of combination. Patriot used the equity method in accounting for its investment in Stryder. Analysis of receivables and payables revealed that Stryder owed Patriot $10,000 on December 31, 2024.