Question 22 (20 points) Pin Corporation acquired 60% of Stripe Company on January 1, 2019 for $531,000 cash. The fair value of the other 40% ownership interest is estimated to be $354,000. Below is the 12/31/19 financial information for the 2 companies. PIN CORPORATION STRIPE COMPANY Debit Credit Debit Credit Cash S 394,800 S 352,000 Accounts Receivable 208,100 183,000 Inventory 210,000 170,000 Land 239,000 213,000 Plant Assets 280,000 324,000 Investment in Stripe 641,580 Cost of Goods Sold 130,000 76,000 Wages Expense 87,000 53,000 Depreciation Expense 31,000 42,000 Interest Expense 33,000 27,000 Other Expenses 36,400 39,000 Dividends Declared 40,000 55,000 Accumulated Depreciation S 143,000 S 180,000 Accounts Payable 250,000 20,000 Wages Payable 102,300 28,000 Notes Payable 210,000 63,000 Common Stock 115,000 290,000 APIC 313,000 267,000 Retained Earnings (1/1/2019) 494,000 200,000 Sales 560,000 486,000 Income from Stripe 1 3,580 S 2,330,880 $ 2,330,880 S 1,534,000 $ 1,534,000ADDITIONAL INFORMATION: On the date of acquisition: * The Book Value of Stripe Company's net identifiable assets was $757,000. * Stripe Company's Plant Assets were undervalued by $39,000 (remaining life was estimated to be 6 years). * Stripe Company's Inventories were overvalued by $4,000 (all sold by year end). * New Goodwill was determined to be $93,000. *At year-end, it was determined that the New Goodwill was impaired by $7,200. * Stipe reported net income of $249,000. REQUIRED: ANSWER THE FOLLOWING QUESTIONS RELATED TO THE THREE YEAR END CONSOLIDATION ENTRIES. NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000