Protrade corporation acquired 70 percent of the outstanding voting stock of seacraft company on january 1, 2017, for $420,000 in cash and other consideration. at the acquisition date, protrade assessed seacraft's identifiable assets and liabilities at a collective net fair value of $715,000 and the fair value of the 30 percent noncontrolling interest was $180,000. no excess fair value over book value amortization accompanied the acquisition.

the following selected account balances are from the individual financial records of these two companies as of december 31, 2018:

protrade seacraft
sales $ 830,000 $ 550,000
cost of goods sold 385,000 292,000
operating expenses 169,000 124,000
retained earnings, 1/1/18 930,000 370,000
inventory 365,000 129,000
buildings (net) 377,000 176,000
investment income not given 0