Reference no: EM132565399

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.