On January 1, 20X5, Pond Corporation acquired 80 percent of Skate Company's stock by issuing common stock with a fair value of $180,000. At that date, Skate reported net assets of $150,000. The fair value of the noncontrolling interest was $45,000. Assume Pond uses the fully adjusted equity method. The balance sheets for Pond and Skate at January 1, 20X8, and December 31, 20X8, and income statements for 20X8 were reported as follows: Cash Accounts Receivable Interest & Other Receivables Inventory Land Buildings & Equipment Accumulated Depreciation Investment in Skate Co. Investment in Tin Co. Bonds Total Assets Accounts Payable Interest & Other Payables Bonds Payable 20X8 Balance Sheet Data January 1 Pond Corporation $ 40,400 120,000 40,000 100,000 Skate Company $ December 31 68,400 130,000 January 1 $ 10,000 December 31 $ 47,000 60,000 65,000 45,000 8,000 10,000 140,000 50,000 50,000 50,000 50,000 22,000 22,000 400,000 400,000 240,000 240,000 (70,000) (94,000) (150,000) 185,600 135,000 $ 921,000 $ 60,000 40,000 300,000 (185,000) 200,100 134,000 $ 982,500 $ 65,000 $320,000 45,000 300,000 $ 16,500 7,000 100,000 $340,000 $ 11,000 12,000 100,000 Bond Discount (3,500) (3,000) Common Stock Additional Paid-in Capital Retained Earnings 150,000 150,000 30,000 30,000 155,000 155,000 20,000 20,000 216,000 267,500 150,000 170,000 Total Liabilities and Equities $ 921,000 $ 982,500 $320,000 $340,000