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On July 1, 2015, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $829,500 in cash and equity securities.

On July 1, 2015, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $829,500 in cash and equity securities. The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $355,500 both before and after Trumans acquisition.

In reviewing its acquisition, Truman assigned a $127,500 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 subsidiarys income was earned uniformly throughout the year. Subsidiary dividend payments were made quarterly.

Truman Atlanta
Revenues $ (739,075 ) $ (479,000 )
Operating expenses 403,000 308,000
Income of subsidiary (50,925 )
Net income $ (387,000 ) $ (171,000 )
Retained earnings, 1/1/15 $ (915,000 ) $ (589,000 )
Net income (above) (387,000 ) (171,000 )
Dividends declared 150,000 60,000
Retained earnings, 12/31/15 $ (1,152,000 ) $ (700,000 )
Current assets $ 514,575 $ 402,000
Investment in Atlanta 859,425
Land 444,000 225,000
Buildings 715,000 713,000
Total assets $ 2,533,000 $ 1,340,000
Liabilities $ (881,000 ) $ (320,000 )
Common stock (95,000 ) (300,000 )
Additional paid-in capital (405,000 ) (20,000 )
Retained earnings, 12/31/15 (1,152,000 ) (700,000 )
Total liabilities and stockholders' equity $ (2,533,000 ) $ (1,340,000 )

I am missing Atlanta's Book Value from the probem below:

a.

How did Truman allocate Atlantas acquisition-date fair value to the various assets acquired and liabilities assumed in the combination?

Consideration transfered by Truman: $829,500

Noncontrolling Interest Fair Value: $355,500

Atlanta's Acquisition-Date Total Fair Value: $1,185,000

Book Value of Atalanta: (919,00)-This is what I calculate, but when I submit, it is marked incorrect

Fair Value in Excess of Book Value:

Excess fair value assigned:

Patent: $127,500

Goodwill: TBD

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