Problem 2 shown below, along with the fair value (FV) of Sub's assets and liabilities at the date of acquisition balance sheet at that time is Difference 14,300 Subsidiary Company Balance Sheet as of December 31, 20x0 NBV FMV Cash 79,000 79,000 Equipment 96,700 87,000 Accumulated depreciation (24 000) Other assets 248,000 248,000 Note receivable 56,100 53,300 Patent 20,000 28,000 Goodwill 73,000 Total 475,800 568,300 12,800) 8,000 73,000 92,500 152,000 75,500 340, 800 (5.700) 98 200 Liabilities Note payable Common stock $1 par APIC Retain Earn Total 152,000 81,200 48,000 55,000 139,600 475,800 568,300 92,500 Net Income for 20X1 Dividends for 20X1 Parent 116,000 17,000 Subsidiary 55,000 8,000 43,200 $ 7.10 Shares acquired Market value per share Useful life of equipment Useful life of patent 10 5 1- What is the consolidated income assuming the cost method