On July $1,2024,$ Truman Company acquired a $70$ percent interest in Atlanta Company in exchange for consideration of $$848,275$ in cash and equity securities$.$ The remaining $30$ percent of Atlanta's shares traded closely near an average price that totaled $$344,975$ both before and after Truman's acquisition.

In reviewing its acquisition, Truman assigned a $$140,000$ 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 finarizial 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.

$\backslash$table$[[$Items$,$Truman,Attanta$],[$Revenues$,$$ $(762,300),$$ $(522,000)],[$Operating expenses,$494,000,332,000],[$Income of subsidiary,$(56,700),0],[$Net income,$ $(325,000),$$$(190,000)$