Question
Juventus Company acquired 75 percent of Manchester Company's outstanding common stock for cash on January 3, 2019. The fair value of the noncontrolling interest was
Juventus Company acquired 75 percent of Manchester Company's outstanding common stock for cash on January 3, 2019. The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Manchester Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 2019, are as follows: Juventus Manchester Liabilities $144,000 $144,000 Common Stock $150,000 $60,000 Additional paid in capital $100,000 $84,000 Retained Earnings $110,000 $72,000 $504,000 $360,000 What amount will Juventus Company report as common stock outstanding in its consolidated balance sheet at December 31, 2019? Select one: a. $150,000 b. $195,000 c. $112,500 d. $210,000
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