Recognition upon initial consolidation of a variable interest entity (VIE) when VIE is a business Assume that prior to January 1, 2019, a Reporting Company owned a 15 percent interest in a Legal Entity. The Reporting Company acquired its 15 percent ownership interest in the Legal Entity on June 15,1998 for $45,000, and correctly accounted for this investment under the cost method (i.e., it was a passive investment and it was not marketable). On January 1 , 2019 , the Reporting Company purchased an additional 30 percent interest in the Legal Entity for $180,000. As a result of an evaluation of the facts and circumstances on January 1,2019 , the Reporting Entity determined that the Legal Entity is a variable interest entity (VIE) and that the Reporting Company is the primary beneficiary of the VIE. The Reporting Company also determined that, on January 1,2019 , the fair value of the previously held 15 percent interest is $90,000. In addition, independent appraisals revealed that the fair value of the noncontrolling interest (i.e., the 55 percent not owned by the Reporting Company) is $330,000. On January 1,2019 , the Legal Entity has reported book values for its identifiable net assets equal to $399,000 and fair values for its identifiable net assets equal to $570,000. Assume that the Legal Entity is a "business," as that term is defined in FASB ASC 805 ("Business Combinations"). Related to the initial consolidation of the Legal Entity on January 1, 2019 , determine the following amounts: Note: Use a negative sign with your answer in part b. to indicate a loss on initial consolidation of Legal Entity, if applicable