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  3. on january 1, beckman, incorporated, acquires 60 p

On January 1, Beckman, Incorporated, acquires 60 percent of the outstanding stock of Calvin for...

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Accounting

On January 1, Beckman, Incorporated, acquires 60 percent of the outstanding stock of Calvin for $58,884. Calvin Company has one
recorded asset, a specialized production machine with a book value of $15,100 and no liabilities. The fair value of the machine is
$88,100, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded
process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $98,140.
At the end of the year, Calvin reports the following in its financial statements:
Required:
Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in
subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret.
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