Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling interest was $68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5- year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Putt Corporation Slice Company Debit Credit Debit Credit Cash $ 15,850 $ 58,000 Accounts Receivable 65,000 70,000 Interest & Other Receivables Inventory 30,000 150,000 10,000 180,000 Land 80,000 60,000 Buildings & Equipment 315,000 240,000 Bond Discount 15,000 Investment in Slice Company 157,630 Cost of Goods Sold 375,000 110,000 Interest Expense Accumulated Depreciation Expense Other Expense Dividends Declared Depreciation-Buildings and Equipment Accounts Payable 25,000 10,000 24,000 33,000 28,000 17,000 30,000 5,000 $ 120,000 61,000 $ 60,000 28,000 Other Payables Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings Sales Other Income Gain on Sale of Equipment Income from Slice Company 30,000 20,000 250,000 300,000 150,000 100,000 30,000 165,240 100,000 450,000 190,400 28,250 9,600 10.990