Pear Corporation acquired 75 percent ownership of Sugar Company on January 1, 20X1, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Sugar Company Consolidated balance sheets at January 1, 20X3, and December 31, 20X3, are as follows: Item Assets Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Patents Total Assets: Liabilities and Owners Equity Accounts Payable" Hages Payable Notes Payable Common Stock (510 par value) Retained Earnings Noncontrolling Interest Total Liabilities and Owners' Equity Jan 1, 20x3 Dec. 31, 20x3 $ 78,500 93,000 118,000 50,000 532,000 (179,500) 8,000 $700,000 $ 52,000 16,000 239,000 144,000 $ 110,500 108,000 126,000 60,000 567,000 (216,000) 7,000 $ 762,500 $ 57,000 10,000 254,000 144,000 228,000 272,500 21,000 25,000 $700,000 $ 762,500 The consolidated income statement for 20X3 contained the following amounts Sales Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense $ 486,250 $258,000 53,000 36,500 15,000