Plaza, Incorporated, acquires $80$ percent of the outstanding common stock of Stanford Corporation on January $1,2024,$ in exchange for $$1,119,100$ cash. At the acquisition date, Stanford$$s total fair value, including the noncontrolling interest, was assessed at $$1,398,875.$ Also at the acquisition date, Stanford's book value was $$575,300.$

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

Items Book Value Fair Value

Trade names $($indefinite life$)$ $ $286,300$ $ $463,000$

Property and equipment $($net$,8-$year remaining life$)224,800255,200$

Patent $(14-$year remaining life$)152,400190,200$

For internal reporting purposes, Plaza, Incorporated, employs the equity method to account for this investment. The following account balances are for the year ending December $31,2024,$ for both companies.

Accounts Plaza Stanford

Revenues $ $(978,800)$ $ $(687,100)$

Cost of goods sold $541,100315,100$

Depreciation expense $229,40028,100$

Amortization expense $022,400$

Equity in income of Stanford $(252,000)0$

Net income $ $(460,300)$ $ $(321,500)$

Retained earnings, $1/1/24$ $ $(1,015,200)$ $ $(421,500)$

Net income $(460,300)(321,500)$

Dividends declared $238,90038,000$

Retained earnings, $12/31/24$ $ $(1,236,600)$ $ $(705,000)$

Current assets $ $684,800$ $ $343,800$

Investment in Stanford $1,340,7000$

Trade names $191,200286,300$

Property and equipment $($net$)820,600196,700$

Patents $0130,000$

Total assets $ $3,037,300$ $ $956,800$

Accounts payable $ $(113,100)$ $ $(98,000)$

Common stock $(238,900)(116,000)$

Additional paid$-$in capital $(1,448,700)(37,800)$

Retained earnings $($above$)(1,236,600)(705,000)$

Total liabilities and equities $ $(3,037,300)$ $ $(956,800)$

At year$-$end, there were no intra$-$entity receivables or payables.