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Business, 18.10.2019 18:10 TheViperMlg23676

Private manufacturing company acquired 90 percent of secret corporation’s outstanding common stock on december 31, 20x5, for $1,152,000. at that date, the fair value of the noncontrolling interest was $128,000, and secret reported common stock outstanding of $500,000, premium on common stock of $280,000, and retained earnings of $420,000. the book values and fair values of secret’s assets and liabilities were equal except for land, which was worth $30,000 more than its book value.

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