Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 2002 in change fo $955,900 cash. At the acquisition date, Stanford's total fair value, including the noncontroling interest was assessed a Also at the acquisition date, Stanford's book value was $524,400 Several individual items on Stanford's financial records had fair values that differed from the book values as tes Book Value Fair Value Trade names (indefinite life) Property and equipment (net, 8-year $292,209 $374,600 remaining life) 236,800 254,400 Patent (14-year remaining life) 120,400 161,00 For internal reporting purposes, Plaza, Inc, employs the equity method to account for this investment The blowy ab are for the year ending December 31, 2021, for both companies Flaze Stanford $ (828,400) $(764) Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets Accounts payable 455,800 194,100 " 321,70 29,60 23, $ (469,500) $(372) $(1,036,500) $(230,000) (310) 22. $1,262,5) (73) $698,900 1,231, 195, $ (115,60) A Pey 22 & 22 =