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On January 1, 2020, Paloma Corporation exchanged ST 710,000 cash for percent of the out standing voting stock of San Marco Company. The consideration transferred by Paloma provided reasonable basis for anessing the total January 1, 2020, fair value of San Marco Company At the acquisition date, San Marco reported the following owners equity amounts in its balance sheet Common stock $400,000 Additional paid in capital 60,000 Retained earnings 265,000 In determining its acquisition offer, Paloma noted that the values for San Marco's recorded asset and liabilities approximated their fair values. Paloma also observed that San Marco had developed internally a customer base with an assessed fur value of $800,000) that was not reflected on Sun Marco's books Paloma expected both cost and revenue synergies from the combination At the acquisition date, Paloma prepared the following fair value allocation schedule Fair value of San Marco Company Book value of San Marco Company Excess fair value to customer base 10-year remaining life) to goodwill At December 31, 2021, the two companies report the following balances: $1.900,000 725,000 1.175.000 800,000 $ 375,000 San Marco $ (675,000 322,000 120,000 11,000 7,000 Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of San Marco Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Current assets Investment in San Marco Buildings and equipment Copyrights Total assets Accounts payable Notes payable Common stock Additional paid in capital Retained earnings, 12/31 Total liabilities and equities Paloma $(1,843,000) 1.100,000 125,000 275,000 27,500 (121500) $(437.000) $12,625,000) (437,000) 350,000 $12.712,000) $ 1,204,000 1,854,000 931,000 950,000 $4.939,000 $215.000 $ (395,000 (215,000) 25,000 $ 585.000 $430,000 LO- 863,000 107.000 $1,400,000 $ (200,000 (155,000) (400,000) (60,000 (585,000 $1,400 000 $ (485,000) (542.000) (900,000) (300,000) (2,712,000) $14.939,000 At year-end, there were no intra-entity receivables et payables