Exacto Company reported the following net income and dividends for the years indicated:

Year Net Income Dividends

20X5 $35,000 $12,000

20X6 45,000 20,000

20X7 30,000 14,000

True Corporation acquired 75 percent of Exactos common stock on January 1, 20X5. On that date, the fair value of Exactos net assets was equal to the book value. True uses the equity method in accounting for its ownership in Exacto and reported a balance of $259,800 in its investment account on December 31, 20X7.

Required

a. What amount did True pay when it purchased Exactos shares?

b. What was the fair value of Exactos net assets on January 1, 20X5?

c. What amount was assigned to the NCI shareholders on January 1, 20X5?

d. What amount will be assigned to the NCI shareholders in the consolidated balance sheet pre-pared at December 31, 20x7?