Grace Tiffin Ch.5 Exercise 2 {:[" profit "=(" Revenve "-" cost ")/(" perencin ")],[0.4=(50.000-x)/(50.000)]:} A parent company acquired 75 percent of the stock of a subsidiary company on January 1 , 2009 , for $280,000. On this date, the balances of the subsidiary's stockholders' equity accounts were Common Stock, $195,000, and Retained Earnings, $45,000. On January 1, 2009, the market value for the 25% of shares not purchased by the parent was $90,000. rarrNCl On January 1, 2009, the subsidiary's recorded book values were equal to fair values for all items except four: (1) accounts receivable had a book value of $55,000 and a fair value of $48,000,(2) property, plant & equipment, net had a book value of $150,000 and