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Giant acquired all of Small's common stock on January 1, 2017, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained eamings of $400,000. At the acquisition date, $40,000 of the fair-value price was attributed to undervalued land while $91,000 was assigned to undervalued equipment having a 10-year remaining life. II $69,000 unallocated portion of the acquisition-date excess fair value over book value was view as goodwill. Over the next few years, Giant applied the equity method to the recording of this investment. The following are individuat financial statements for the year ending December 31, 2021. On that date, Small owes Giant \$17,500. Small declared and paid dividends in the same period