On January 1, 2011, Aspen Company acquired 80 percent of Birch Company's outstanding voting stock for $482,000. Birch reported a $542,500 book value and the fair value of the noncontrolling interest was $120,500 on that date. Also, on January 1, 2012, Birch acquired 80 percent of Cedar Company for $144,000 when Cedar had a $150,000 book value and the 20 percent noncontrolling interest was valued at $36,000. In each acquisition, the subsidiary's excess acquisition-date fair over book value was assigned to a trade name with a 30-year life.These companies report the financial information. Investment income figures are not included.