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Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $826,240 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $1,032,800 although Sierra's book value was only $645,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year life) Notes payable (due in 8 years) Book Value $ 66,400 360,000 146,000 (196,000) Fair Value $ 327,400 340,000 280,000 (183,200) For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2015, for both companies. Revenues Cost of goods sold Depreciatio n expense Amortizati on expense Interest expense Equity in income of Sierra Net income Retained earnings, 1/1/15 Net income (above) Dividends declared Retained earnings, 12/31/15 Current assets Investment in Sierra $ Padre (1,534,940) $ Sierra (675,900) 756,000 424,000 354,000 18,600 0 7,300 53,500 9,000 (168,560) 0 $ (540,000) $ (217,000) $ (1,377,500) $ (485,000) (540,000) (217,000) 260,000 65,000 $ (1,657,500) $ (637,000) $ 1,066,700 $ 648,500 942,800 0 Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities 316,000 919,000 $ 341,400 0 $ 66,400 138,700 3,244,500 (282,000) $ $ 1,195,000 (202,000) (555,000) (300,000) (100,000) (450,000) (60,000) (1,657,500) $ (196,000) (637,000) (3,244,500) $ (1,195,000) Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $826,240 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $1,032,800 although Sierra's book value was only $645,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year life) Notes payable (due in 8 years) Book Value $ 66,400 360,000 146,000 (196,000) Fair Value $ 327,400 340,000 280,000 (183,200) For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2015, for both companies. Revenues Cost of goods sold Depreciatio n expense Amortizati on expense Interest expense Equity in income of Sierra Net income Retained earnings, 1/1/15 Net income (above) Dividends declared Retained earnings, 12/31/15 Current assets Investment in Sierra $ Padre (1,534,940) $ Sierra (675,900) 756,000 424,000 354,000 18,600 0 7,300 53,500 9,000 (168,560) 0 $ (540,000) $ (217,000) $ (1,377,500) $ (485,000) (540,000) (217,000) 260,000 65,000 $ (1,657,500) $ (637,000) $ 1,066,700 $ 648,500 942,800 0 Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities 316,000 919,000 $ 341,400 0 $ 66,400 138,700 3,244,500 (282,000) $ $ 1,195,000 (202,000) (555,000) (300,000) (100,000) (450,000) (60,000) (1,657,500) $ (196,000) (637,000) (3,244,500) $ (1,195,000)