On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $58,704. Calvin Co. has one recorded asset, a specialized production machine with a book value of $13,100 and no liabilities. The fair value of the machine is $85,600, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $97,840 At the end of the year, Calvin reports the following in its financial statements $ 18,000 25,610 Retained earnings 27,400- 37,40 $ 11,790 Common stock 61,658 Machine 29,250 other assets s 32,408 Total assets 37,400 Total equity Revenues Expenses Net income S 5,00e Dividends paid Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade Noncontrolling interest in subsidiary income Total noncontrolling interest Process trade secret On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Cal specialized production machine with a book value of $13,100 and no liabilities. Th remaining useful life is estimated to be 10 years. Any remaining excess fair value with an estimated future life of 4 years. Calvin's total acquisition date fair value is At the end of the year, Calvin reports the following in its financial statements: $ 11,790 Common stoo 25,610 Retained ea 37,400 Total equi 61,650 Machine 29,250 Other assets Revenues Expenses $ 32,400 Total assets Net income $ 5,00e Dividends paid Determine the amounts that Beckman should report in its year-end consolidated fi subsidiary income, noncontrolling interest. Calvin's machine (net of accumulated d 3 Answer is complete but not entirely correct. Amount $ 12,960 Noncontrolling interest in subsidiary income 50.096 3 Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret 77,040 $9.180