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Question - Pie Corporation acquired 80 percent of Slice Company's common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the non-controlling interest was equal to 20 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5:
Debit
Credit
Cash
$28,200
Accounts Receivable
65,350
Inventory
89,400
Buildings and Equipment (net)
205,000
Cost of Goods Sold
106,000
Depreciation Expense
23,850
Other Operating Expenses
30,540
Dividends Declared
14,800
Accounts Payable
$32,840
Notes Payable
119,000
Common Stock
88,800
Retained Earnings
131,500
Sales
191,000
Total
$563,140
Required: How much did Pie pay to purchase its shares of Slice?
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