Proprio Company acquires 100% of Ception Company for $635,000 on January 1, 2018. Ception reported common stock of $300,000, no additional paid-in capital, and retained earnings of $257,000 on that date. Equipment was undervalued by $18,000 and it had a 2-year remaining life, while its only building was undervalued by $45,000 and it had a 9-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life.

Based on annual reviews, goodwill has not been impaired. Ception earns income and pays dividends as follows:

2018 Net income 80,000 ,dividend 36,000, 2019 net income 106,000 dividends 42,000, 2020 net income 72,000 dividend 22,000

1. 12.31.2018 [5 points]

2. 12.31.2019 [8 points]

3. 12.31.2020 [7 points]

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Thank you so much for your help.