Question: I have some answer already prefilled, I am missing the rest. On January 3, 2016, Persoff Corporation acquired all of the outstanding voting stock of

I have some answer already prefilled, I am missing the rest.

I have some answer already prefilled, I am missing the rest. On

January 3, 2016, Persoff Corporation acquired all of the outstanding voting stock

of Sea Cliff, Inc. in exchange for $7,304,000 in cash. Persoff elected

to exercise control over Sea Cliff as a wholly owned subsidiary with

an independent accounting system. Both companies have December 31 fiscal year-ends. At

On January 3, 2016, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Inc. in exchange for $7,304,000 in cash. Persoff elected to exercise control over Sea Cliff as a wholly owned subsidiary with an independent accounting system. Both companies have December 31 fiscal year-ends. At the acquisition date, Sea Cliff's stockholders' equity was $2,544,000 including retained earnings of $1,744,000 Persoff pursued the acquisition, in part, to utilize Sea Cliff's technology and computer software. These items had fair values that differed from their values on Sea Cliff's books as follows Remaining Useful Life Asset Patented technology Computer software Book ValueFair Value 160,000 2,540,000 2,232,000 years 72,000 12 years Sea Cliff's remaining identifiable assets and liabilities had acquisition-date book values that closely approximated fair values. Since acquisition, no assets have been impaired. During the next three years, Sea Cliff reported the following income and dividends 2016 2017 2018 Net Income Dividends $ 900,800 150,000 150,000 150,000 940,800 975,800 December 31, 2018, financial statements for each company appear below. Parentheses indicate credit balances. Dividends declared were paid in the same period

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