On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $777,700 in cash and equity securities The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $333,300 both before and after Trumans acquisition In reviewing its acquisition, Truman assigned a $147,500 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 2018 In addition, the subsidiarys income was earned uniformly throughout the year The subsidiary declared dividends quarterly Truman Atlanta Revenues $(805,725 00) $(500,000 00) Operating Expenses $480,000 00 $344,000 00 Income of Subsidiary $(44,275 00) $ Net Income $(370,000 00) $(156,000 00 ) Retained Earning, 1 1 18 $(895,000 00) $(520,000 00) Net Income (Above) $(370,000 00) $(156,000 00) Dividends declared $155,000 00 $50,000 00 Retained Earning 12 31 18 $(1,110,000 00) $(626,000 00) Current Assets $509,525 00 $284,000 00 Investment in Atlanta $804,475 00 $ Land $479,000 00 $291,000 00 Buildings $725,000 00 $721,000 00 Total Assets $2,518,000 00 $1,296,000 00 Liabilities $(908,000 00) $(350,000 00) Common Stock $(95,000 00) $(300,000 00) Additional paid in capital $(405,000 00) $(20,000 00) Retained Earning, 12 31 18 $(1,110,000 00) $(626,000 00) Total Liabilities and StockHolders equity $(2,518,000 00) $(1,296,000 00) How did Truman allocate Atlantas acquisition date fair value to the various assets acquired and liabilities assumed in the combination How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests How did Truman derive the Investment in Atlanta account balance at the end of 2018 Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018 At year end, there were no intra entity receivables or payables

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On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $777,700 in cash and equity securities.

On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $777,700 in cash and equity securities. The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $333,300 both before and after Trumans acquisition. In reviewing its acquisition, Truman assigned a $147,500 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 2018. In addition, the subsidiarys income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.

	Truman	Atlanta
Revenues	$(805,725.00)	$(500,000.00)
Operating Expenses	$480,000.00	$344,000.00
Income of Subsidiary	$(44,275.00)	$-
Net Income	$(370,000.00)	$(156,000.00)
Retained Earning, 1/1/18	$(895,000.00)	$(520,000.00)
Net Income (Above)	$(370,000.00)	$(156,000.00)
Dividends declared	$155,000.00	$50,000.00
Retained Earning 12/31/18	$(1,110,000.00)	$(626,000.00)
Current Assets	$509,525.00	$284,000.00
Investment in Atlanta	$804,475.00	$-
Land	$479,000.00	$291,000.00
Buildings	$725,000.00	$721,000.00
Total Assets	$2,518,000.00	$1,296,000.00
Liabilities	$(908,000.00)	$(350,000.00)
Common Stock	$(95,000.00)	$(300,000.00)
Additional paid-in capital	$(405,000.00)	$(20,000.00)
Retained Earning, 12/31/18	$(1,110,000.00)	$(626,000.00)
Total Liabilities and StockHolders equity	$(2,518,000.00)	$(1,296,000.00)

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

How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests?

How did Truman derive the Investment in Atlanta account balance at the end of 2018?

Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018. At year-end, there were no intra-entity receivables or payables.