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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-
please these one cant figure out how to prepare journal entries for these please help me.
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