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Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $757,280 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $946,600 although Sierra's book value was only $696,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year remaining life) Notes payable (due in 8 years) Book Value $ 66, 300 294, 000 192, 000 (177,000) Fair Value $ 251, 300 240,000 300,000 (165, 400) 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. Sierra $ (649, 500) 423,000 18,400 9,600 6,500 Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Net income 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 Comuon stock Additional paid-in capital Retained earnings (above) Total liabilities and equities Padre $(1,447, 260) 755, 000 340,000 0 44, 700 (152, 440) $ (460, 000) $(1, 382,500) (460, 000) 260,000 $(1,582,500) 913, 780 857, 720 350,000 870,000 $ (192, 000) $ (536, 000) (192, 000) 65,000 $ (663, 000) 671, 700 0 66, 300 275, 600 182, 400 $ 1,196,000 $ (196,000) (177,000) (100, 000) (60, 000) (663, 000) $(1, 196, 000) $ 2,991,500 $ (192, 000) (467, 000) (300,000) (450,000) (1,582,500) $(2,991, 500) At year-end, there were no intra-entity receivables or payables. For Year Ending December 31, 2021 Consolidation Entries Accounts Debit Credit Noncontrolling Consolidated Interest Totals Padre Sierra $(1,447,260) $ (649,500) 755,000 423,000 340,000 18,400 0 9,600 44,700 6,500 (152.440) 0 $ (460,000) $ (192,000) 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 $(1,382,500) $ (536,000) (460,000) (192,000) 260,000 65,000 $(1,582,500) $ (663,000) $ 913,780 $ 671,700 857,720 0 350,000 66,300 870,000 275,600 0 182,400 $ 2,991,500 $ 1,196,000 $ (192,000) $ (196,000) (467,000) (177,000) $ 0 (300,000) (100,000) (450,000) (60,000) (1,582,500) (663,000) $(2,991,500) $(1,196,000) $ 0 $ 0