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Saved Help Sa Required information On January 1, 2018, Nichols Company acquired 80% of Smith...

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Saved Help Sa Required information On January 1, 2018, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. There was no premium in the value of consideration transferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is: Common stock, $10 par value (50,000 shares outstanding) Preferred stock, 6% cumulative, $100 par value, 3,000 s 500,000 300,000 shares outstanding Additional paid in capital Retained earnings 200,000 500,000 51,500,000 Total stockholders equity Compute the noncontrolling interest in Smith at date of acquisition. Multiple Choice $486,000. Next e Prev 5 6 7of21

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