Reference no: EM132592470

Question - On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $56,844. Calvin Co. has one recorded asset, a specialized production machine with a book value of $10,000 and no liabilities. The fair value of the machine is $82,500, 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 $94,740.

At the end of the year, Calvin reports the following in its financial statements:

Revenues $ 61,650 Machine $9,000 Common stock $10,000

Expenses 29,250 Other assets 28,400 Retained earnings 27,400

Net income $32,400 Total assets $37,400 Total equity $37,400

Dividends paid $5,000

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.