During $2023,$ Abernethy reported net income of $$103,500$ while declaring and paying dividends of $$13,000.$ During $2024,$ Abernethy reported net income of $$145,250$ while declaring and paying dividends of $$47,000.$

Assume that Chapman Company acquired Abernethy's common stock for $$800,660$ in cash. Assume that the equipment and longterm liabilities had fair values of $$390,450$ and $$151,340,$ respectively, on the acquisition date. Chapman uses the initial value method to account for its investment.