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?