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Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,2021 , for $771,840 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $964,800 although Sierra's book value was only $609,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: 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