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7 Ravine Corporation purchased 40 percent ownership of Valley Industries for $119,200 on January 1, 20X6, when Valley had capital stock of $253,000 and retained

7 Ravine Corporation purchased 40 percent ownership of Valley Industries for $119,200 on January 1, 20X6, when Valley had capital stock of $253,000 and retained earnings of $45,000. During the period ...

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