Peckham Corporation acquired 30 percent of the voting stock of Trite Corporation on January 2, 2019, for $3.2 million in cash. Trites balance sheet and estimated fair values of its assets and liabilities on January 2, 2019 are as follows (in thousands). Trite Corporation Balance Sheet January 2, 2019

In addition to its reported assets, Trite has unreported franchise agreements (5-year life) valued at $1 million. Its property and equipment has a 20-year average remaining life. Trite reported income of $1.5 million and paid no dividends in 2019. Please note that Tribble uses the FIFO inventory method.

a. How many shares of Trite stock did Peckham acquire? Please show calculations so that partial credit can be granted.

b. Prepare a schedule, in good form, that shows the computation of Peckhams equity in Trites net income for 2019. Please show calculations so that partial credit can be granted.