On January $1,$ Paisley Inc., paid $$560,000$ for all of Skyler Corporation's outstanding stock. At the acquisition date, the book values of Skyler's accounts equaled their respective fair values. Any excess fair value is assigned to an antangible asset and will be amortized over a $10-$year period. During the year, Skyler sold inventory costing $$60,000$ to Paisley for $$90,000.$ All but $$18,000($measured to transfer price$)$ of this merchandise has been resold to outsiders by the end of the year. At the end of the year, Paisley continues to owe Skyler for the last shipment of inventory priced at $$28,000.$ Also, on January $2,$ Paisley sold Skyler equipment for $$20,000$ although it had a carrying amount of only $$12,000($original cost of $$30,000).$ Both companies depreciate such property according to the straight$-$line method with no salvage value. The remaining life at this date was four years. The following financial statements are for each company for the year ending December $31($credit balances indicated by parentheses$).$