Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $751,680 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $939,600 although Sierra's book value was only $683,000. Also, several indlvidual items on Sierra's financial records had fair values that differed from their book values as follows: For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. T are for the year ending December 31,2021 , for both companies. Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $751,680 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $939,600 although Sierra's book value was only $683,000. Also, several indlvidual items on Sierra's financial records had fair values that differed from their book values as follows: For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. T are for the year ending December 31,2021 , for both companies