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Question - On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $58,704. Calvin Co. has one recorded asset, a specialized production machine with a book value of $13,100 and no liabilities. The fair value of the machine is $85,600, 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 $97,840.
At the end of the year, Calvin reports the following in its financial statements:
Revenues $61,650
Machine $11,790
Common stock $13,100
Expenses 29,250
Other assets 28,710
Retained earnings 27,400
Net income $32,400
Total assets $40,500
Total equity $40,500
Dividends paid $5,000
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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