Short Answer #3 (16 points)- (Problem continues on to next page). Jackthews Co. 1, 2020. As of that date, Jackson had the following trial balance: Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (20-year life) Cash and short-term investments Common stock Equipment (net) (8-year life) Intangible assets (indefinite life) Land Debit Credit $ 60,000 $ 50,000 60,000 140,000 70,000 300,000 240,000 110,000 90,000 180,000 120,000 20,000 $720,000 $720,000 Long-term liabilities (mature 12/31/22) Retained earnings, 1/1/20 Supplies Totals During 2020, Jackson reported net income of $96,000 while paying dividends of $12,000. During 2021, Jackson reported net income of $132,000 while paying dividends of $36,000. Assume that Matthews Co. acquired the common stock of Jackson Co. for $588,000 in cash. As of January 1, 2020, Jackson's land had a fair value of $102,000, its buildings were valued at $188,000, and its equipment was appraised at $216,000. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to an unamortized patent to be amortized over 10 years. Matthews decided to use the equity method for this investment. A) Show the fair value allocation at the acquisition date.