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On January 1, 2016, Leo Company purchased 80 percent of Natalie Company's capital stock for $584,000 in cash and other assets. Natalie had a book value of $700,000 and the 20 percent noncontrolling interest fair value was $146,000 on that date. On January 1, 2015, Natalie had acquired 30 percent of Leo for $354,250. Leo's appropriately adjusted book value as of that date was $1,147,500.
Separate operating income figures (not including investment income) for these two companies follow. In addition, Uncle declares and pays $25,000 in dividends to shareholders each year and Natalie distributes $6,000 annually. Any excess fair-value allocations are amortized over a 10-year period.
Leo Natalie
Year Comapny Company
2016 $164,000 $35,200
2017 $186,000 $56,000
2018 $216,000 $64,400
Financial Statement Analysis and Preparation
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