On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $720,000 in cash and equity securities. The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $290,000 both before and after Trumans acquisition. In reviewing its acquisition, Truman assigned a $100,000 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 2018. In addition, the subsidiarys income was earned uniformly throughout the year. The subsidiary declared dividends quarterly. Truman Atlanta Revenues $ (670,000 ) $ (400,000 ) Operating expenses 402,000 280,000 Income of subsidiary (35,000 ) 0 Net income $ (303,000 ) $ (120,000 ) Retained earnings, 1/1/18 $ (823,000 ) $ (500,000 ) Net income (above) (303,000 ) (120,000 ) Dividends declared 145,000 80,000 Retained earnings, 12/31/18 $ (981,000 ) $ (540,000 ) Current assets $ 481,000 $ 390,000 Investment in Atlanta 727,000 0 Land 388,000 200,000 Buildings 701,000 630,000 Total assets $ 2,297,000 $ 1,220,000 Liabilities $ (816,000 ) $ (360,000 ) Common stock (95,000 ) (300,000 ) Additional paid-in capital (405,000 ) (20,000 ) Retained earnings, 12/31/18 (981,000 ) (540,000 ) Total liabilities and stockholders' equity $ (2,297,000 ) $ (1,220,000 ) 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.