Brindle Company purchased 100 percent of Monroe Companys voting common stock for $648,000 on January 1, 20X4. At that date, Monroe reported assets of $690,000 and liabilities of $230,000. The book values and fair values of Monroes assets were equal except for land, which had a fair value $108,000 greater than book value, and equipment, which had a fair value $80,000 greater than book value. The remaining economic life of all depreciable assets at Janu- ary 1, 20X4, was five years. The amount of the differential assigned to goodwill is not impaired. Monroe reported net income of $68,000 and paid dividends of $34,000 in 20X4.