Acquisitions of additional shares of a subsidiary once control has been achieved

Assume that a parent company increases its ownership in a subsidiary from 55% to 75% through the purchase of additional shares of the subsidiarys outstanding stock from noncontrolling shareholders for a purchase price of $275,000. Prior to this transaction, the noncontrolling interest reports a balance of $2,250,000 on that date. Prepare the journal entry by the parent to record the purchase.

Description Debit Credit 0 0 0 0 Cash 0 0