billing enterprises purchases a 90 interest in the common stock of rush corporation on january 1 2011 for an agreed upon price of 495000

Rush equipment is understated by $20,000 and has a remaining depreciable life of five years. Any remaining excess is attributed to goodwill. In addition to the bonds issued as part of the purchase, Billing sells additional bonds in the amount of $100,000.
Consolidated net income for 2011 is $92,300. The controlling interest is $87,700, and the non-controlling interest is $4,600. Rush pays $10,000 in dividends to all shareholders, including Billing Enterprises. No plant assets are purchased or sold during 2011. Comparative balance sheet data are as follows: