Coco Ltd. (Coco) purchased 90% of the voting shares of Ferdinand Inc. (Ferdinand) for $612,000 on January 1, 2022. On that date, Ferdinand's common shares and retained earnings were valued at $200,000 and $250,000, respectively. Unless otherwise stated, assume that Coco uses the cost method to account for its investment in Ferdinand. Coco uses the fair value enterprise (FVE) method