On July $1,2021,$ Truman Company acquired a $70$ percent interest in Atlanta Company in exchange for consideration of $$785,225$ in cash and equity securities$.$ The remaining $30$ percent of Atlanta$$s shares traded closely near an average price that totaled $$336,525$ both before and after Truman$$s acquisition.

In reviewing its acquisition, Truman assigned a $$128,500$ 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 $2021.$ In addition, the subsidiary$$s income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.