$On$ July $1,2024,$ Truman Company acquired $a70$ percent interest $in$ Atlanta Company $in$ exchange for consideration $of$ $$833,575in$ cash and equity $securities.$ The remaining $30$ percent $of$ Atlanta$s$ shares traded closely near $an$ average price that totaled $$338,675$ both before and after Truman$s$ acquisition.

$In$ reviewing its acquisition, Truman assigned $a$ $$133,000$ fair value $to$ a patent recently developed $by$ Atlanta, even though $it$ was not recorded within the financial records $of$ the subsidiary. This patent $is$ anticipated $to$ have a remaining life $of$ five years.

The following financial information $is$ available for these two companies for $2024.In$ addition, the subsidiary$s$ income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.

$On$ July $1,2024,$ Truman Company acquired $a70$ percent interest $in$ Atlanta Company $in$ exchange for consideration $of$ $$833,575in$

cash and equity $securities.$ The remaining $30$ percent $of$ Atlanta's shares traded closely near $an$ average price that totaled $$338,675$