Find how the december investment balance on palmetto

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Reference no: EM132711636

Palmetto Company, a U.S. company, acquired 70% of Seaside Corporation's stock for $25,500 in cash and stock on January 1, 2018, when Seaside's book value was $6,000. The fair value of the noncontrolling interest at the date of acquisition was $9,500. At the date of acquisition, all of Seaside's assets and liabilities were reported at amounts approximating fair value, except for the following previously unreported identifiable intangible assets, meeting GAAP requirements for capitalization:

Problem 1: Present a schedule showing how the December 31, 2021 investment balance on Palmetto's books, shown in its trial balance, was calculated.

Reference no: EM132711636

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