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Major Company acquired 100% of Turbo Company on January 1, 2019. Major paid $75,000 above book value. It was determined that the fu amount of
Major Company acquired 100% of Turbo Company on January 1, 2019. Major paid $75,000 above book value. It was determined that the fu amount of the excess is attributable to building with a remaining life of 10 years. Turbo had a common stock outstanding of $300,000 and retained earnings of $200,000 on January 1, 2019. Turbo reported net income of $50,000 and paid dividends of $20,000 in 2019. What is the balance of Investment in Turbo that must appear in the consolidated balance sheets
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