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Question 1: Panda Corporation purchased 100,000 previously unissued shares of Skunk Company's $10 par value common stock directly from Skunk for $2,200,000. Skunk's stockholders' equity immediately before the investment by Panda consisted of $3,000,000 of common stock and $4,800,000 in retained earnings. What is Panda's book value of equity in the net assets of Skunk?
Option 1: $2,200,000
Option 2: $2,500,000
Option 3: $3,000,000
Option 4: $3,333,000
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