On December 31, Year 3, Mueller Corp. acquired 80% of the outstanding shares of Wilson Inc. for a total cost of $274,000. The carrying amount of Wilsons assets, liabilities, and equity was equal to fair value except for the following: Carrying Amount Fair Value Inventory $ 61,500 $ 71,000 Equipment, net 285,000 291,000 Patent 43,000 Long-term debt 195,000 163,000 Common shares 190,000 ? Retained earnings 45,000 ?.