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Jones International, Inc. has acquired 75% of the stock of Montana Game Corp. and properly uses the acquisition method of reporting in its consolidated financial
Jones International, Inc. has acquired 75% of the stock of Montana Game Corp. and properly uses the acquisition method of reporting in its consolidated financial statements. At the time of acquisition, Montana has common stock and retained earnings of $800,000 and $240,000, respectively. What amount will be reported for common stock and retained earnings of Montana on the consolidated financial statements of Jones? Common Retained Stock Earnings O $800,000 $240,000 O $600,000 $180,000 O $200,000 $60,000
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