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1 Pel Company acquires of Demers Company for 5500,000 on January 1 2019. Demers reported common stock of 5300.000 and retained earnings of $20,000 on that we Egmont was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10 year remaining the Any excess consideration transferred overfor value was buted to goodwit with an indefinite. Based on an annual review.goodwill has not been impaired Demers warm income and pays dividends as follow 2019 2020 2021 Net $100,000 $120,000 $130,000 incon Dividends 40.000 50.000 60.000 Assume the initial value method is applied How much does Pell record as fncome from Demers for the year ended December 31, 20217 Me Choice O 140.000 $56.000 598 400 o 591000