1. Give the fair value of consideration given by Poppy to acquire their ownership interest in Seed on the date of acquisition.

0 On January 1, 20X8, Poppy Corporation acquired 90 percent of Seed Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Seed at that date. Poppy uses the equity method in accounting for its ownership of Seed. On December 31, 20x8, the trial balances of the two companies are as follows: On December 31, 20X8, the trial balances of the two companies are as follows: Poppy Corporation Seed Company Item Debit Credit Debit Credit Cash 328,750 311,250 Accounts Receivable 166,694 103,347 Land 100,000 90,000 Buildings & Equipment 300,000 225,000 Investment in Seed 410,625 Cost of Goods Sold 200,000 230,417 Depreciation Expense 30,000 25,000 Other Expenses 333,388 60,000 Dividends Declared 30,000 10,000 Accumulated Depreciation 120,000 75,000 Accounts Payable 333,388 108,347 Bonds Payable 75,000 90,000 Common Stock 200,000 75,000 Retained Earnings 676,709 305,000 Sales 416,735 401,666 Income from Subsidiary 77,6251 1,899,457 1,899,457 1,055,013 1,055,013 0