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Question - On October 1, 2017, P. Company purchased 90% of the common stock of S. Company for $290,000. Additional information for both companies for 2017 follows:
P
S
Common stock
$300,000
$90,000
Other contributed capital
120,000
40,000
Retained Earnings, 1/1
240,000
50,000
Net Income
260,000
160,000
Dividends declared (10/31)
8,000
Any difference between implied and book value relates to S's land. P. uses the cost method to record its investment in S. S. Company's income was earned evenly throughout the year.
Required -
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