Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $1,080,000 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,350,000. Also at the acquisition date, Stanford's book value was $555,700. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: 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