Proud corporation acquired 80 percent of spirited company’s voting stock on january 1, 20x3, at underlying book value. the fair value of the noncontrolling interest was equal to 20 percent of the book value of spirited at that date. assume that the accumulated depreciation on depreciable assets was $60,000 on the acquisition date. proud uses the equity method in accounting for its ownership of spirited. on december 31, 20x4, the trial balances of the two companies are as follows: