Smashing. lacid Lake anuary 1, 2017, when Scenic had a net book value of $400,000. Any excess fair value was assigne o intangible assets and amortized at a rate of $5,000 per year. Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., or Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before djustments for intra-entity sales) was $300,000. Scenic reported net income of $110,000. Placi Lake declared $100,000 in dividends during this period; Scenic paid $40,000. At the end of 2018 elected figures from the two companies' balance sheets were as follows: Placid Lake $140,000 600,000 400,000 Scenic 90,000 200,000 300,000 Land. Equipment (net) . Smashing. lacid Lake anuary 1, 2017, when Scenic had a net book value of $400,000. Any excess fair value was assigne o intangible assets and amortized at a rate of $5,000 per year. Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., or Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before djustments for intra-entity sales) was $300,000. Scenic reported net income of $110,000. Placi Lake declared $100,000 in dividends during this period; Scenic paid $40,000. At the end of 2018 elected figures from the two companies' balance sheets were as follows: Placid Lake $140,000 600,000 400,000 Scenic 90,000 200,000 300,000 Land. Equipment (net)