The individual financial statements for Atlantic Company and Warren Company for the year ending December 31, 2018, follow. Atlantic acquired a 60 percent interest in Warren on January 1, 2017, in exchange for various considerations totaling $840,000. At the acquisition date, the fair value of the noncontrolling interest was $560,000 and Warren's book value was $1,120,000. Warren had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $280,000. This intangible asset is being amortized over 20 years Atlantic sold Warren land with a book value of $so,000 on January 2, 2017, for $190,000. Warren still holds this land at the end of the cu Warren regularly transfers inventory to Atlantic. In 2017, it shipped inventory costing $198,000 to Atlantic at a price of $330,000. During 2018, intra-entity shipments totaled $380,000, although the original cost to Warren was only $266,000. In each of these years, 20 percent of the merchandise was not resold to outside parties until the period following the transfer. Atlantic owes Warren $50,000 at the end of 2018 Atlantic Company Warren Company 12/31/2018 $ -680,000 480,000 45,000 Sales Cost of goods sold operating expenses Equity in earnings of Warren Net income Retained earnings. 1/1/18 12/31/2018 S 980,000 680,000 170,000 93,000 $223,000 -1,296,000 223,000 115,000 $ 1,404,000 $ 187,000 -155,000 S 710,000 155,000 60,000 5 805,000 $90,000 Net income (above) Dividends declared Retained earnings. 12/31/18 Cash Data Sheett destination and press ENTER er sheeut Part