On July 1, 2015, Truman Company acquired a 70 percent interest in Atianta Company in exchange for consideration of $776,300 in cash and equity securities. The remaining 30 percent of Atlanta's shares traded closely near an average price that totaled $332,700 both before and after Truman's acquisition. In reviewing its acquisition, Truman assigned a $134,000 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years. The following financial information is available for these two companies for 2015. In addition, the subsidiary's income was earned uniformly throughout the year Subsidiary dividend payments were made quarterly Atlanta Revenues Operating expenses Income of subsidiary $ (681,680) $ (496,000) 412,000 (47,320) 334,000 Net income $ (317,000) (162,000) Retained earnings, 1/1/15 Net income (above) Dividends declared $ (837,000)(509,000) (317,000) 150,000 (162,000) 50,000 Retained eanings, 12/31/15 $(1,004,000) (621,000) Current assets Investment in Atlanta Land Buildings $ 337,880 $ 342,000 806,120 476,000 716,000 285,000 656,000 Total assets $ 2,336,000 1,283,000 Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/15 $ (832,000)(342,000) (300,000) (20,000 (621,000) (95,000) (405,000) (1,004,000) Total liabilities and stockholders' equity $(2,336,000) $(1.283,000)