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Pro Corporation purchased 12,000 shares of Schroeder Corporation on January 1,20X3, at book value. At...

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Accounting

Pro Corporation purchased 12,000 shares of Schroeder Corporation on January 1,20X3, at book value. At that date, the fair
value of the noncontrolling interest was equal to 20.0 percent of Schroeder's book value. On December 31,20X8, Schroeder
reported these balance sheet amounts:
On January 1,20X9. Schroeder issued an additional 3,000 shares of its $10 par value common stock to Nonaffiliated Company
for $60 per share.
Requlred:
a. Compute the change in book value of the shares held by Pro as a result of Schroeder's issuance of additional shares.
b. Prepare the entry to be recorded on Pro's books to recognize the change in book value of the shares it holds, assuming the
change in book value is to be treated as an adjustment to additional paid-in capital.
c. Record the consolidation entry needed to prepare a consolidated balance sheet immediately after Schroeder's issuance of
additional shares.
Complete this question by entering your answers in the tabs below.
Required C
Compute the change in book value of the shares held by Pro as a result of Schroeder's issuance of additional shares.
Note: Do not round the percentage of stock held.
Change in book value of shares
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