On January 1, 2015, Panther Company acquired Sandin Company. Panther paid $60 per share for 80% of Sandin's common stock. The price paid by Panther reflected a con- trol premium. The NCI shares were estimated to have a market value of $55 per share. On the date of acquisition, Sandin had the following balance sheet: Sandin Company Balance Sheet January 1, 2015 Assets Liabilities and Equity Accounts receivable .... Inventory. Land..... Buildings Accumulated depreciation Equipment ...... Accumulated depreciation $ 60,000 Accounts payable . 40,000 Bonds payable 60,000 Common stock ($1 par). 200,000 Paidin capital in excess of par ... (50,000) Retained earnings. 72,000 (30,000) $ 40,000 100,000 10,000 90,000 112,000 Total assets.. $352,000 Total liabilities and equity $352,000 Buildings, which have a 20-year life, were understated by $120,000. Equipment, which has a 5-year life, was understated by $40,000. Any remaining excess was considered good- will. Panther used the simple equity method to account for its investment in Sandin. Panther and Sandin had the following trial balances on December 31, 2016: Panther Sandin Company Company Cash .. 24,000 132,000 Accounts Receivable. Inventory.. Land..... 90,000 120,000 45,000 56,000 100,000 512,000 60,000 Investment in Sandin Buildings..... Accumulated Depreciation Equipment. 200,000 (65,000) 72,000 800,000 (220,000) 150,000 (continued Panther Sandin Company Company Accumulated Depreciation . Accounts Payable. Bonds Payable... Common Stock .. Paid-in Capital in Excess of Par.. Retained Earnings, January 1,2016.. Sales ...... (46,000) (102,000) (100,000) (10,000) (90,000) (142,000) (350,000) 208,500 7,500 8,000 98,000 8,000 (90,000) (60,000) (100,000) (800,000) (365,000) (800,000) Cost of Goods Sold . 450,000 Depreciation Expense Buildings. Depreciation Expense Equipment. Other Expenses . Interest Expense. Gain on Sale of Fixed Assets. Subsidiary Income... Dividends Declared. Totals .. 30,000 15,000 160,000 (20,000) (16,000) 20,000 10,000