On January Bretz, Incorporated, acquired percent of the outstanding shares of Keane Company for $ in cash. The price paid was proportionate to Keane's total fair value although at the date of acquisition, Keane had a total book value of $ All assets acquired and liabilities assumed had fair values equal to book values except for a copyright sixyear remaining life that was undervalued in Keane's accounting records by $ During Keane reported net income of $ and declared cash dividends of $ On January Bretz bought an additional percent interest in Keane for $
The following financial information is for these two companies for Keane issued no additional capital stock during either or Also, at yearend, there were no intraentity receivables or payables.
tableItemstableBretzIncorporatedKeane CompanyRevenues$
