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 $30.00 both before and after Patterson's acquisition At January 1, Soriano's book and fair values were as follows: Book Values Fair Values Remaining Life 80,000 700,000 2,970,000 80,000 ,250,000 000,000 900,000 940,000 2,000,000 Buildings and equipment 5 years 10 years 4 years Patented technology 180,000 1,500,000 50,000 500,000 740,000 2,970,000 180,000 1,500,000 Long-term notes payable Common stock Additional paid-in capital In addition, Patterson assigned a $600,000 value to certain unpatented technologies recently developed by Soriano. These technologies were estimated to have a 3-year remaining life During the year, Soriano paid a $30,000 dividend to its shareholders. The companies reported the following revenues and expenses from their separate operations for the year ending December 31 Patterson 3,000,000 1,750,000 Soriano 1,400,000 600,000 Revenues ._._.._ ._ _ _ _ .. _ _ _ . . .. _ _ _ . . . _ _.. Expenses a. What total value should Patterson assign to its Soriano acquisition in its January 1 consolidated balance sheet? b. What valuation principle should Patterson use to report each of Soriano's identifiable assets and liabilities in its January 1 consolidated balance sheet? C. For years subsequent to acquisition, how will Soriano's identifiable assets and liabilities be valued in Patterson's consolidated reports? d. How much goodwill resulted from Patterson's acquisition of Soriano? e What is the consolidated net income for the vear and what amounts are allocated to