Advanced Accounting: P4-23 On January1, Beckman, Inc., acquires 60 percent

Advanced Accounting
P4-23 Consolidated figures with noncontrolling interest
On January1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $36,000. Calvin Co. has one recorded asset, a specialized production machine with a book value of $10,000 and no liabilities. The fair value of the machine is $50,000, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition-date fair value is $60,000.
At the end of the year, Calvin reports the following in its financial statements:
Revenues 50,000 Machine 9,000 Common stock 10,000
Expenses 20,000 Other assets 26,000 Retained earnings 25,000
Net income 30,000 Total assets 35,000 Total equity 35,000
Dividends paid 5,000

a. Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, total noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret.
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