Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $1121,800 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,402,250 Also at the acquisition date, Stanford's book value was $606,600 Several individual items on Stanford's financial records had fair values that differed from their book values as follows Book Value Fair Value 318,8ee $ 442,600 277,600 Tradenames (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 254,400 143,400 175,600 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, 2018, for both companies