Persimmon Co. purchased 24% of Turquoise Corp. stock as an investment for $319,000. Turquoise Corp. paid dividends of $27,000 to ALL its investors. Turquoise Corp. reported net income for the year of $154,000. The fair value of Turquoise's depreciable assets exceeded their book value by $85,000. These assets had an remaining useful life of 5 years with no residual value. The straight-line method of depreciation is used. Persimmon Co. purchased 24% of Turquoise Corp. stock as an investment for $319,000. Turquoise Corp. paid dividends of $27,000 to ALL its investors. Turquoise Corp. reported net income for the year of $154,000. The fair value of Turquoise's depreciable assets exceeded their book value by $85,000. These assets had an remaining useful life of 5 years with no residual value. The straight-line method of depreciation is used