Outstanding common stock for cash

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Reference no: EM13866750

On January 3, 20X9, Jane Company acquired 75 percent of Miller Company's outstanding common stock for cash. The fair value of the non controlling interest was equal to a proportionate share of the book value of Miller Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 20X9, are as follows:

Jane Miller

Total Assets $504,000 $216,000

Liabilities $144,000 $72,000

Common Stock 120,000 60,000

Retained Earnings 240,000 84,000

$504,000 $216,000

Reference no: EM13866750

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