SUNY Co. acquired 100% of the common stock of Albany Co. on January 1, 2010 for $600,000 (cash). As of that date, Albany Co. had the following trial balance. Accounts payable Accounts receivable Additional paid-in capital net (20-year life) Debit Credit $60,000 $ 50,000 60,000 Buildings 140,000 Cash and short-term investments 70,000 Common stock 300,000 Equipment net (8-year life) 240,000 Inventory 110,000 Land 90,000 Long-term liabilities (mature 12/31/12) 180,000 Retained earnings, 1/1/10 120,000 Supplies Totals 20,000 $720,000 $720,000 The trial balance As of Jan. 1, 2010, the fair values of Albany's Buildings and Land are $190,000 and $112,000, respectively. Also on this date, Albany's has a patent with a fair value of $72,000 and 10 years remaining useful life. This potent bas zero book value. There is no allocation to goodwill. During 2016, Albany reported net income of $100,000 while paying dividends of $10,000 SUNY Co decided to use the equity method for this investment. Prenore consolidation worksheet entries JASID for December 31, 2010