Peterson Company acquired 60% of Tripp Company for $654,000 on January 1, 2022. Tripp reported a book value of stockholder's equity of $760,000 (including common stock of $290,000 and retained earnings of $470,000) on that date. Fair value of the 40% noncontrolling interest on the acquisition date was $356,000. On the acquisition date, a building was undervalued by $ 85,000 (10-year remaining life) and a patent was overvalued by $18,000 (6-year remaining life). Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. In 2022, Tripp earned net income of $280,000 and paid dividends of $40,000.