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Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $754,080 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $942,600 although Sierra's book value was only $659,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (18-year remaining Life) Copyright (20-year remaining life) Notes payable due in 8 years) Book Value $ 63,000 355,600 137,000 (155,000) Fair Value $ 297,000 311,080 217,000 (141,400) 8 For internal reporting purposes, Padre, 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. Padre Revenues Sierra $(1,427,540) $ (657,980) Cost of goods sold 752,000 413,000 Depreciation expense 292,000 11,500 Amortization expense @ Interest expense 6,850 43,500 6,550 Equity in income of Sierra (174,960) Net income $ (515, 000) $ (220,000) Retained earnings, 1/1/21 $(1,362,500 $ (499,000) Net income (515,000) (220,008) Dividends declared 260,000 65,000 Retained earnings, 12/31/21 $(1,617,500) $ (654,000) Current assets 941,460 $ 650, 350 Investment in Sierra 877, 040 Land 308,000 63,000 Buildings and equipment (net) 924,000 343,500 Copyright 130, 150 Total assets $ 3,050,500 $ 1,187,000 Accounts payable $ (218,000) $ (218,000) Notes payable (465,000) (155,000) Common stock (300,000) (100,000) Additional paid-in capital (450,000) (60,000) (1,617,500) (654,000) Retained earnings (above) Total liabilities and equities $(3,050,500) $(1,187,000) @ Accounts Padre Sierra Debit Credit Noncontrolling Interest Consolidated Totals $ 2,085,440 1,165,000 299, 100 10,850 51.750 0 $(1,427,540) $ (657 900) 752,000 413,000 292,000 11,500 0 6,850 43,500 6,550 (174,960) 0 $ (515,000) S (220,000) 4,400 4,000 1.700 174,960 0 43,740 $ 499,000 $ 52,000 13,000 $ Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Separate company net income Consolidated net income NI to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable NCI in Sierra 1/1 NCI in Sierra 12/31 Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ $(1,362,500) $ (499,000) (515,000) (220,000) 260,000 65,000 $(1.617,500) $ (654,000) $ 941,460 $ 650,350 877,040 0 308,000 63,000 924,000 343,500 0 130,150 $ 3,050,500 $ 1,187,000 $ (218,000) $ (218,000) (465,000) (155,000) 43,740 515,000 1,362,500 515,000 260,000 1,617,500 1,591,810 0 605,000 1,227,900 206,150 3,630,860 436,000 608, 100 234.000 4,400 80,000 44,000 4,000 S $ 13,6001 1.700 188,520 S 30,740 (300,000) (100,000) 100,000 (450,000) (60,000) 60,000 (1.617,500) (654,000) $ (3,050,500) $(1,187,000) $ 1,171,650 $ 219,260 300,000 450,000 1,617,500 3,630,860 294,620 $