On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstanding voting shares of Soriano, Inc., in exchange for $31.25 per share cash. The remaining 20 percent of Soriano's shares continued to trade for $30 both before and after Patterson's acquisition. At January 1, Soriano's book and fair values were as follows: Current assets Buildings and equipment Trademarks Patented technology Current liabilities Long-term notes payable Common stock Additional paid-in capital Retained earnings $ Book Values 80,000 1,250,000 Fair Values $ 80,000 Remaining Life 1,000,000 5 years 700,000 940,000 900,000 10 years 2,000,000 4 years $ 2,970,000 $ 180,000 1,500,000 $ 180,000 1,500,000 50,000 500,000 740,000 $ 2,970,000 In addition, Patterson assigned a $600,000 value to certain unpatented technologies recently developed by Soriano. These technologies were estimated to have a three-year remaining life.