Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1, for $675,800 in cash. O'Brien reported net assets with a carrying amount of $383,000 a been internally developed) or had fair values that differed from book values as follows Book Values Fair Values Trademarks (indefinite life) Customer relationships (5-year remaining life) 0 368.000 $ 79,500 271,500 92,700 318,200 10-year remaining life Any goodwill is considered to have an indefinite life with no impairment charges during the year. Following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the O'Brien 1,500,000) 784.000) 360,000 Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien 400,000 80.400 28,800 70,500 S (1,330,740) S (353,500) S (259,000) (353,500) Net income Retained earnings 1/1 Net income Dividends declared S (886,000) (1,330,740) 148,000 Retained earnings 12/31 (2,068,740) (526.500 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) $ 237.000 370,000 261,000 905,740 618,000 S 151,000 71,700 203,000 75,300 332.000 3.417,740855,000 1,026,000 Total assets S 833,000 Liabilities Common stock Retained earnings 12/31 S (949,000) (400,000) S (206,500) (100,000) (2.068.740(526,500) S (833,000) Total liabilities and equity $ (3,417,740) a. Which investment method did Patrick use to compute the $339,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31 c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31