Plaza, Inc., acquires $80$ percent of the outstanding common stock of Stanford Corporation on January $1,2021,$ in exchange for $$1,163,100$ cash. At the acquisition date, Stanford$$s total fair value, including the noncontrolling interest, was assessed at $$1,453,875.$ Also at the acquisition date, Stanford's book value was $$601,600.$

Several individual items on Stanford$$s financial records had fair values that differed from their book values as follows:

Book Value Fair Value

Trade names $($indefinite life$)$ $ $308,200$ $ $476,700$

Property and equipment $($net$,8-$year remaining life$)238,400266,400$

Patent $(14-$year remaining life$)155,500197,500$

For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December $31,2021,$ for both companies.

Plaza Stanford

Revenues $ $(1,016,300)$ $ $(748,800)$

Cost of goods sold $561,800339,300$

Depreciation expense $238,10029,800$

Amortization expense $024,200$

Equity in income of Stanford $(279,200)0$

Net income $ $(495,600)$ $ $(355,500)$

Retained earnings, $1/1/21$ $ $(1,093,100)$ $ $(453,600)$

Net income $(495,600)(355,500)$

Dividends declared $257,20035,000$

Retained earnings, $12/31/21$ $ $(1,331,500)$ $ $(774,100)$

Current assets $ $737,100$ $ $370,000$

Investment in Stanford $1,414,3000$

Trade names $205,800308,200$

Property and equipment $($net$)883,300208,600$

Patents $0131,300$

Total assets $ $3,240,500$ $ $1,018,100$

Accounts payable $ $(121,900)$ $ $(96,000)$

Common stock $(257,300)(78,000)$

Additional paid$-$in capital $(1,529,800)(70,000)$

Retained earnings $($above$)(1,331,500)(774,100)$

Total liabilities and equities $ $(3,240,500)$ $ $(1,018,100)$