Essay
Top Corporation acquired 80 percent of Bottom Corporation's common stock on January 1, 20X8, for $520,000. At that date, Bottom reported common stock outstanding of $250,000 and retained earnings of $375,000. Assume the fair value of the noncontrolling interest on January 1, 20X8 was $130,000. The book values and fair values of Bottom's assets and liabilities were equal on the acquisition date, except for other intangible assets, which had a fair value $25,000 greater than book value and a 5-year remaining life. Top and Bottom reported the following data for 20X8 and 20X9: 
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