tion Four: value was $433,000. The fair value of the newly comprised 40% noncontrolling interest was assessed at On January 1, 2021, French Company acquired 60% of K-Tech Company for $333,000 when K-Tech's book records by $80,000. Also, patented technology (10-year remaining life) was undervalued by $42,000. $222,000. At the acquisition date, K-Tech's trademark (20-year remaining life) was undervalued in its financial In 2021, K-Tech reports $11,000 net income and declares no dividends. At the end of 2022, the two companies report the following figures (stockholders' equity accounts have been omitted): Items Current assets Trademarks Patented technology Liabilities Revenues Expenses Investment income K-Tech Company Fair Values $338,000 French Company Carrying Amounts $ 638,000 K-Tech Company Carrying Amounts $318,000 278,000 218,000 298,000 428,000 168,000 210,000 (408,000) (138,000) (138,000) (918,000) (418,000) 0 482,000 318,000 0 Not given 0 0 Note: Parentheses indicate a credit balance. Required: In 2022, assuming K-Tech has declared no dividends compute the noncontrolling interest's share of the subsidiary's income and compute noncontrolling interest balances that will appear in consolidated financial statements at the end of 2022. ur: (4.75 Points) value was $433,000. The fair value of the newly comprised 40% noncontrolling interest was assessed at On January 1, 2021, French Company acquired 60% of K-Tech Company for $333,000 when K-Tech's book records by $80,000. Also, patented technology (10-year remaining life) was undervalued by $42,000. $222,000. At the acquisition date, K-Tech's trademark (20-year remaining life) was undervalued in its financial In 2021, K-Tech reports $11,000 net income and declares no dividends. At the end of 2022, the two companies report the following figures (stockholders' equity accounts have been omitted): K-Tech Company Carrying Amounts K-Tech Company Fair Items French Company Current assets Carrying Amounts Values Trademarks $638,000 $318,000 $338,000 Liabilities Patented technology 278,000 218,000 298,000 428,000 168,000 210,000 (408,000) (138,000) (138,000) Revenues (918,000) (418,000) 0 xpenses 482,000 318,000 0 vestment income 0 Not given e: Parentheses indicate a credit balance. ired: 22, assuming K-Tech has declared no dividends compute the noncontrolling interest's share subsidiary's income and compute noncontrolling interest balances that will appear in idated financial statements at the end of 2022. Patented technology ademarks at assen Liabilities Revenues Expenses Investment income French Company Carrying Amounts S618.000 278,000 428,000 (408,000) (918,000) 482,000 Not given Note: Parentheses indicate a credit balance. Required: K-Tech Company Carrying Amounts $318.000 218,000 168,000 (138,000) (418,000) 318,000 0 K-Tech Company Fair $338,000 298.000 210,000 (138,000) 0 of the subsidiary's income and compute noncontrolling interest balances that will appen In 2022, assuming K-Tech has declared no dividends compute the noncontrolling interest's sh onsolidated financial statements at the end of 2022