IE $3-1($Algo$)$ Based on Problem $3-23$

The following are selected account balances from Penske Company and Stanza Corporation as of December $31,2024$:

AccountsPenskeStanzaRevenues$(708,000)(632,000)$Cost of Goods Sold$252,800158,000$Depreciation Expense$159,000210,000$Investment IncomeNot Given$0$Dividends Declared$80,00060,000$Retained Earnings, $1/1/24(758,000)(206,000)$Current Assets$400,000536,000$Copyrights$1,060,000419,000$Royalty Agreements$690,0001,112,000$Investment in StanzaNot Given$0$Liabilities$(690,000)(1,377,000)$Common Stock$(600,000)(200,000)$Additional Paid$-$in$-$Capital$(150,000)(80,000)$

Note: Parentheses indicate a credit balance.

On January $1,2024,$ Penske acquired all of Stanza's outstanding stock for:

Cash and Common Stock $($fair value$)757,000$Stock Issuance Costs$10,000$

At the date of acquisition, copyrights $($with a six$-$year remaining life$)$ have the following:

Book Value$510,000$Fair Value$654,000$

Required:

Complete the allocation schedule and determine the following amounts as of December $31,2024$:

Complete the allocation schedule.

What is the consolidated copyrights balance?

What is the consolidated net income?

What is the consolidated retained earnings balance?

What is the consolidated balance for goodwill? The following are selected account balances from Penske Company and Stanza Corporation as of December $31,2024$:

Note: Parentheses indicate a credit balance.

On January $1,2024,$ Penske acquired all of Stanza's outstanding stock for:

At the date of acquisition, copyrights $($with a six$-$year remaining life$)$ have the following:

Required:

Note: Use cells A$2$ to C$30$ from the given information and amounts calculated below to complete this question. Input all amounts as positive values. Losses should be calculated and displayed as negative values. Required:

Note: Use cells A$2$ to C$30$ from the given information and amounts calculated below to complete this question. Input all amounts as positive values. Losses should be calculated and displayed as negative values.

Complete the allocation schedule and determine the following amounts as of December $31,2024$:

a$.$ Complete the allocation schedule

b$.$ What is the consolidated copyrights balance?

c$.$ What is the consolidated net income?

Note: Input all amounts as positive values. Losses should be calculated and displayed as negative values.

d$.$ What is the consolidated retained earnings balance?

Note: Input all amounts as positive values. Losses should be calculated and displayed as negative values.

e$.$ What is the consolidated balance for goodwill?