Problem $4-37($Algo$)($LO $4-2,4-3,4-6,4-7,4-8)$

On July $1,2024,$ Trumsn Company scquired s $70$ percent interest in Atisnts Company In exchsnge for consideratian af $$798,225$ in

cash sid equity securities$.$ The remaining $30$ percent of Ationts's shares traded clasely near an sversge price thst tataled $$323,525$

both before snd siter Truman's acqu'sition.

In reviewing its scqulation, Trumsn sasigned a $$129,500$ fair value to a patent recenty developed by Atisnts, even though it was nat

recorded whin the financial records of the subsidisry. This patent is anticipoted to have $s$ remsining life of five years.

The following financisilinformstion is svalisble for these two componies for $2024.$ In sodition, the subsidiary's Income wss eamed

unlformly throughout the year The subsidary deciored dividends quarterly.

Required:

B$.$ How ald Truman sllocete Ationts's acquistion$-$dste folr vslue to the various assets scquired and labilites sasumed in the

combination?

b$.$ How ald Truman sllocete the goodwill from the acquaition across the contralling and noncontro ing interesta?

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

d$.$ Prepsre a warksheet to consoldste the finsncisl statements of these two compsnies as of December $31,2024.$ At yesrend, there

were no Intre$-$entity recelvibles ar poyobles.

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

How did Truman allocate Atlinta's acmusition$-$date fair value to the various assets acquired and lisbilities assumed in the

combination?