On July $1,2024,$ Truman Company acquired a $70$ percent interest in Atlanta Company in exchange for consideration of $$822,550$ in cash and equity securities$.$ The remaining $30$ percent of Atlanta$$s shares traded closely near an average price that totaled $$333,950$ both before and after Truman$$s acquisition.

In reviewing its acquisition, Truman assigned a $$126,000$ 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.

ItemsTrumanAtlantaRevenues$ $(725,470)$$ $(476,000)$Operating expenses$414,000315,000$Income of subsidiary$(47,530)0$Net income$ $(359,000)$$ $(161,000)$Retained earnings, $1/1/24$$ $(916,000)$$ $(568,000)$Net income $($above$)(359,000)(161,000)$Dividends declared$140,00070,000$Retained earnings, $12/31/24$$ $(1,135,000)$$ $(659,000)$Current assets$ $502,420$$ $338,000$Investment in Atlanta$845,5800$Land$397,000294,000$Buildings$755,000662,000$Total assets$ $2,500,000$$ $1,294,000$Liabilities$ $(865,000)$$ $(315,000)$Common stock$(95,000)(300,000)$Additional paid$-$in capital$(405,000)(20,000)$Retained earnings, $12/31/24(1,135,000)(659,000)$Total liabilities and stockholders' equity$ $(2,500,000)$$ $(1,294,000)$

Required:

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

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

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

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.