On January 1, 20X5, Pond Corporation purchased 75 percent of Skate Company's stock at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of Skate's book value. The balance sheets for Pond and Skate at January 1, 20X8, and December 31, 20X8, and income statements for 20X8 were reported as follows: Assets Cash 20X8 Balance Sheets Pond Corporation January 1 December 31 Skate Company January 1 December 31 $ 67,600 140,000 63,100 186,000 $ 19,000 $ 57,000 66,000 71,000 41,000 46,000 14,000 16,000 109,000 149,000 63,000 63,000 59,000 59,000 28,000 28,000 402,000 (138,000) 402,000 252,000 252,000 (173,000) (56,000) (80,000) 118,920 42,400 133,000 135,870 42,000 132,000 $ 974,920 $1,041,970 $386,000 $407,000 $ 83,150 $114,000 $ 72,500 34,000 39,000 6,000 11,000 299,000 299,000 99,000 99,000 (4,000) (3,500) 138,000 138,000 21,000 21,000 143,000 143,000 17,000 17,000 204,500 339,820 133,000 190,000 $ 974,920 $1,041,970 $386,000 $407,000 Accounts Receivable Interest & Other Receivables Inventory Land Buildings & Equipment Accumulated Depreciation Investment in Skate Company: Stock Bonds Investment in Tin Co. Bonds Total Assets Liabilities & Equities Accounts Payable Interest & Other Payables Bonds Payable Bond Discount Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ 156,420