Patrick Inc. acquired one hundred percent of James Co. on January 3, 2019, at a...
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Patrick Inc. acquired one hundred percent of James Co. on January 3, 2019, at a price in excess of the subsidiary's fair value. On that date, Patricks equipment (ten-year life) had a book value of $380,000 but a fair value of $460,000. James had equipment (ten-year life) with a book value of $240,000 and a fair value of $370,000. Patrick used the partial equity method to record its investment in James. On December 31, 2021, Patrick had equipment with a book value of $270,000 and a fair value of $400,000. James had equipment with a book value of $180,000 and a fair value of $300,000. What is the consolidated balance for the Equipment account as of December 31, 2021?
$450,000.
$531,000.
$541.000.
$567,000.
$580,000.
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