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Glant acqulred all of Small's common stock on January 1,2020, In exchange for...

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Accounting

Glant acqulred all of Small's common stock on January 1,2020, In exchange for cash of $770,000. On that day. Small reported common stock of $170,000 and retalned earnings of $400,000. At the acquisition date, $66,500 of the falr-value price was attributed to undervalued land while $62,000 was assigned to undervalued equipment having a 10-year remaining life. The $71,500 unallocated portion of the acquisition-date excess falr value over book value was vlewed as goodwill. Over the next few years, Glant applied the equlty method to the recording of this Investment.
The following are Individual financlal statements for the year ending December 31,2024. On that date, Small owes Glant $17,300. Small declared and paid dividends in the same period. Credits are indicated by parentheses.
\table[[Accounts,Giant,Sna11],[Revenues,$(1,243,700),$(519,000)
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