consolidations

The following are selected account balances from

Penske

Company and

Stanza

Corporation as of December 31, 2

0

24:

Penske Stanza

Revenues

Cost of goods sold

Depreciation expense

Investment income

0

Dividends declared

Retained earnings, 1/1/24

Current assets

Copyrights

Royalty agreements

Investment in StanzaNot given 0Liabilities

Common stock

Additional paid-in capital

Accounts
$ (788,000)	$ (592,000)
280,800	148,000
218,000	328,000
	Not given
80,000	60,000
(738,000)	(330,000)
502,000	664,000
914,000	486,500
682,000	1,056,000
(606,000)	(1,540,500)
(600,000)	($20 par)	(200,000)	($10 par)
(150,000)	(80,000)

Note: Parentheses indicate a credit balance.

On January 1, 2024, Penske acquired all of Stanza’s outstanding stock for $870,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $576,000 book value but a fair value of $684,000.

Required:

1. As of December 31, 2024, what is the consolidated copyrights balance?
2. For the year ending December 31, 2024, what is consolidated net income?
3. As of December 31, 2024, what is the consolidated retained earnings balance?
4. As of December 31, 2024, what is the consolidated balance to be reported for goodwill?