Purple Corporation owns 80 percent of Corn Corporation's common stock. It purchased the shares on January 1, 20X1, for $520,000. At the date of acquisition, the fair value of the noncontrolling interest was $130,000, and Corn reported common stock outstanding of $400,000 and retained earnings of $200,000 reported income from operations of $60,000 and paid dividends of $25,000 Corn purchased 70 percent ownership of Bark Company on January 1, 20X3, for $406,000. At that date, the fair value of the noncontrolling interest was $174,000, and Bark reported common stock outstanding of $250,000 and retained earnings of $300,000. In 20X3, Bark reported net income of $30,000 and paid dividends of $20,000. The differential is assigned to buildings and equipment with an economic life of 10 years at the date of acquisition