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Problem - On January 1, Beckman, lnc., acquires 60 percent of the outstanding stock of Calvin for $47,220. Calvin Co. has one recorded asset, a specialized production machine with a book value of $16,000 and no liabilities. The fair value of the machine is $68,500, 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 $78,700.
At the end of the year, Calvin reports the following in its financial statements:
Revenues
$65,250
Machine
$14,400
Common stock
$16,000
Expenses
30,150
Other assets
31,700
Retained earnings
30,100
Net income
$35,100
Total assets
$46,100
Total equity
Dividends paid
$5,000
Required - Determine the amounts that Beckman should report in its year-end consolidated financial statements for non-controlling interest in subsidiary income, non-controlling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret.
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