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What is the balance of Priceless Memories pre-consolidation

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Question - On January 1, 2020, Priceless Memories owns 100% of Sunshine & More, Inc. that reports a Stockholders' Equity of $1,000,000 and 40,000 shares of $1 par value common stock outstanding. This acquisition was made at book value. During the year, Sunshine & More sells 10,000 of its unissued shares to outsiders for $50 per share.

What is the balance of Priceless Memories' pre-consolidation Equity Investment Account at December 31, 2020?

a. $1,500,000

b. $ 600,000

c. $1,200,000

d. $-0-

Reference no: EM132515308

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