On January $1,20$X$8,$ Plane Company acquired $80$ percent of Scalar Company's ownership for $$120,000$ cash. At that date, the fair value of the noncontrolling interest was $$30,000.$ The book value of Scalar's net assets at acquisition was $$125,000.$ The book values and fair values of Scalar's assets and liabilities were equal, except for buildings and equipment, which were worth $$15,000$ more than book value. Buildings and equipment are depreciated on a $10$ year basis. Although goodwill is not amortized, the management of Plane concluded at December $31,20$X$8,$ that goodwill from its acquisition of Scalar shares had been impaired and the correct carrying amount was $$5,000.$ Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders. No additional impairment occurred in $20$X$9.$

Trial balance data for Plane and Scalar on December $31,20$X$9,$ are as follows:

ACCT $302$ Midterm Fall $2024$

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