The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2024:
| Accounts | Penske | Stanza | ||
|---|---|---|---|---|
| Revenues | $ (788,000) | $ (592,000) | ||
| Cost of goods sold | 280,800 | 148,000 | ||
| Depreciation expense | 218,000 | 328,000 | ||
| Investment income | Not given | 0 | ||
| Dividends declared | 80,000 | 60,000 | ||
| Retained earnings, 1/1/24 | (738,000) | (330,000) | ||
| Current assets | 502,000 | 664,000 | ||
| Copyrights | 914,000 | 486,500 | ||
| Royalty agreements | 682,000 | 1,056,000 | ||
| Investment in Stanza | Not given | 0 | ||
| Liabilities | (606,000) | (1,540,500) | ||
| Common stock | (600,000) | ($20 par) | (200,000) | ($10 par) |
| Additional paid-in capital | (150,000) | (80,000) |
Note: Parentheses indicate a credit balance.
On January 1, 2024, Penske acquired all of Stanzas 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:
- As of December 31, 2024, what is the consolidated copyrights balance?
- For the year ending December 31, 2024, what is consolidated net income?
- As of December 31, 2024, what is the consolidated retained earnings balance?
- As of December 31, 2024, what is the consolidated balance to be reported for goodwill?
