Proud Corporation acquired 80 percent of Spirited Company's voting stock on January 1, 20X3, at underlying book value. The fair value of the noncontrolling interest was equal to 20 percent of the book value of Spirited at that date. Assume that the accumulated depreciation on depreciable assets was $52,000 on the acquisition date. Proud uses the equity method in accounting for its ownership of Spirited. On December 31, 20X4, the trial balances of the two companies are as follows: Item Current Assets Depreciable Assets Investment in Spirited Company Depreciation Expense Other Expenses Dividends Declared. Accumulated Depreciation Current Liabilities Proud Corporation Debit $ 241,000 514,000 148,960 23,000 149,000 56,000 Credit Long-Term Debt Common Stock Retained Earnings Sales Income from Spirited Company $ 190,000 60,000 140,160 195,000 279,000 231,000 36,800