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Prepare the journal entry by the parent to record purchase

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Problem 1: Acquisitions of additional shares of a subsidiary once control has been achieved. Assume a parent company increases its ownership in a subsidiary from 55% to 75% through the purchase of additional shares of the subsidiary's outstanding stock from noncontrolling shareholders for a purchase price of $110,000. Prior to this transaction, the noncontrolling interest reports a balance of $900,000 on that date. Prepare the journal entry by the parent to record the purchase.

Reference no: EM132686737

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