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On January 5, 2020 Petra Corporation purchased for cash 5,100 of the 21,250 outstanding common shares of Lindstrom Company. On the date of acquisition, the book value of assets subject to depreciation, as reported by Lindstrom on its Statement of Financial Position, was $150,000 whereas the fair value of these assets was $375,000. All other assets and liabilities reported by Lindstrom had book values that were equal to fair values. Lindstrom's depreciable assets have a 10-year remaining useful life and are being depreciated under the straight-line method.
Required:
Problem (a) Calculate the acquisition cost of Petra Corporation's investment in Lindstrom Company on January 5, 2020. Write a schedule to support your answer.
Problem (b) Assume that on January 2, 2021, Petra Corporation sold 20% of its investment in Lindstrom Company for $55.00 per share. Prepare the journal entry to record the sale.
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