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hi S On June 10, 20X8, Private Corporation acquired 70 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $23,400
hi S On June 10, 20X8, Private Corporation acquired 70 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $23,400 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Secret Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Private Corporation Book Value $ 30,800 31,000 96,000 133,000 54,600 $ 345,400 $ 18,000 199,400 54,000 74,000 $ 345,400 Secret Company Book Value $ 15,000 20,000 30,000 57,000 $ 122,000 $ 3,000 66,000 18,000 35,000 $ 122,000 Fair Value $ 15,000 20,000 35,000 77,000 $ 147,000 $ 3,000 66,000 $ 69,000 Required: a. Record the consolidation entries required to prepare a consolidated balance sheet immediately after the purchase of Secret Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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