On July $1,2024,$ Truman Company acquired a $70$ percent interest in Atlanta Company in exchange for consideration of $$780\mathrm{.}200$ in cash and equity securities$.$ The remaining $30$ percent of Atlanta's shares traded closely near an average price that totaled $$315,800$ both before and after Truman's acquisition.In reviewing its acquisition, Truman assigned a $$138,500$ fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years.The following financial information is available for these two companies for $2024.$ In addition, the subsidiary's income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.ItemsRevenuesOperating expensesIncome of subsidiaryNet incomeRetained earnings, $1/1/24$Net income $($above$)$Dividends declaredRetained earnings, $12/31/24$Current assetsInvestment in AtlantaLandBuildingsTotal assetsLiabilitiesCommon stockAdditional paid$-$in capitalRetained earnings, $12/31/24$Total liabilities and stockholders' equityTruman$ $(761,695)489,000(39,305)(312,000)$$ $(883,000)(312,000)140,000$$ $(1,055,000)$$ $471,995795,005431,000749\mathrm{.}000$$ $2,447,000.$$ $(892,000)(95,000)(405,000)(1,055,000)$$ $(2,447,000)$Atlanta$ $(497,000)357,0000$$ $(140,000)$$ $(516,000)(140,000)70,000$$ $(586,000)$$ $433,000233,000659,000$$ $1,325,000$$ $(419,000)(300,000)(20,000)(586,000)$$ $(1,325,000)$Required:a$.$ How did Truman allocate Atlanta's acquisition$-$date fair value to the various assets acquired and liabilities assumed in the combination?b$.$ How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests?c$.$ How did Truman derive the Investment in Atlanta account balance at the end of $2024?$d$.$ Prepare a worksheet to consolidate the financial statements of these two companies as of December $31,2024.$ At year$-$end, there were no intra$-$entity receivables or payables.Complete this question by entering your answers in the tabs below.Required ARequired BRequired CRequired DHow did Truman allocate Atlanta's acquisition$-$date fair value to the various assets acquired and labilities assumed in theOn July $1,2024,$ Truman Company acquired a $70$ percent interest in Atlanta Company in exchange for consideration of $$780,200$ in cash and equity securities$.$ The remaining $30$ percent of Atlanta's shares traded closely near an average price that totaled $$315,800$ both before and after Truman's acquisition.

In reviewing its acquisition, Truman assigned a $$138,500$ 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 $2024.$ In addition, the subsidiary's income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.

Required:

a$.$ How did Truman allocate Atlanta's acquisition$-$date fair value to the various assets acquired and liabilities assumed in the combination?

b$.$ How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests?

c$.$ How did Truman derive the Investment in Atlanta account balance at the end of $2024?$

d$.$ Prepare a worksheet to consolidate the financial statements of these two companies as of December $31,2024.$ At year$-$end, there were no intra$-$entity receivables or payables.

Complete this question by entering your answers in the tabs below.

How did Truman allocate Atlanta's acquisition$-$date fair value to the various assets acquired and liabilities assumed in the combination?