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On December 31, 20X1. Mai Corporation acquired 80 percent of Haya Company's common stock for $104.000 cash. The fair value of the noncontrolling interest at

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On December 31, 20X1. Mai Corporation acquired 80 percent of Haya Company's common stock for $104.000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts of the date of acquisition: Mai Haya Corp Company Cash $ 90,000 $ 20,000 Accounts Receivable 80,000 35,000 Inventory 100,000 40,000 Land 40.000 60,000 Buildings and Equipment 300,000 100,000 Less: Accumulated Depreciation (100,000) (40,000) Investment in Street Company 104,000 Total Assets $ 614,000 $215.000 Accounts Payable 120,000 30,000 Mortgage Payable 200,000 100,000 Common Stock 50,000 25,000 Retained Earnings 244,000 60,000 Total Liabilities and Equity 5 614,000 $215.000 On that date, the book values of Haya's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000. At December 31, 20X1. Mai reported accounts payable of $15,000 to Haya which reported an equal amount in its accounts receivable. 13. Show journal entry(s) for the above if any

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