Reference no: EM132637296
Question - Pie Corporation acquired 70 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 noncontrolling interest was equal to 30 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5:
Debit Credit
Cash $27,300
Accounts Receivable 64,300
Inventory 89,400
Buildings and Equipment (net) 210,000
Cost of Goods Sold 104,800
Depreciation Expense 24,350
Other Operating Expenses 31,420
Dividends Declared 14,600
Accounts Payable $33,800
Notes Payable 116,000
Common Stock 87,600
Retained Earnings 130,000
Sales 198,770
Total $566,170 $566,170
Required - How much did Pie pay to purchase its shares of Slice?