Prime Corporation acquired 100 percent ownership of Steak Products Company on January 1, 20X1, for $275,000. On that date, Steak reported retained earnings of $80,000 and had $115,000 of common stock outstanding. Prime has used the equity-method in accounting for its investment in Steak. The trial balances for the two companies on December 31, 20X5, appear below. Item Cash & Receivables Inventory Land Buildings & Equipment Investment in steak Products Cost of Goods Sold Depreciation Expense Inventory Losses Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Income from Steak Products Prime Corporation Debit Credit $ 58,000 275,000 95,000 515,000 283,000 steak Products Company Debit $ 80,000 105,000 95,000 165,000 Credit 135,000 40,000 30,000 45,000 65,000 30,000 17,000 25,000 $ 220,000 75,000 $ 135,000 35,000 230,000 315,000 381,000 215,000 40,000 $1,476,000 $1,476,000 32,000 115,000 105,000 160,000 $ 582,000 $ 582,000