Problem 5-30 (Algo) (LO 5-2, 5-3, 5-4, 5-5, 5-7) On January 1, 2022, Monica Company acquired 80 percent of Young Company's outstanding common stock for $84 fair value of the noncontrolling interest at the acquisition date was $210,000. Young reported stockholders' equity accounts on that date as follows: Common stock-$10 par value Additional paid-in capital Retained earnings $ 300,000 80,000 570,000 In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records a building (with a five-year remaining life) by $90,000. Any remaining excess acquisition-date fair value was allocate franchise agreement to be amortized over 10 years. During the subsequent years, Young sold Monica inventory at a 20 percent gross profit rate. Monica consistently re merchandise in the year of acquisition or in the period immediately following. Transfers for the three years after this combination was created amounted to the following: Year 2022 2023 2024 Transfer Price $ 40,000 60,000 70,000 Inventory Remaining at Year-End (at transfer price) $ 26,000 28,000 34,000 n addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2023, for $52,000. The