Question
On January 3, 2019, Pair Co acquired 80% of Steel Co's common stock for $344,000 in cash. At the acquistion date the book values and
On January 3, 2019, Pair Co acquired 80% of Steel Co's common stock for $344,000 in cash. At the acquistion date the book values and fair values of Steel's assets and liabilities were equal and the fair value of the noncontrolling interest was equal to 20% of the total book value of Steel. The stockholder's equity accounts of the two companies at the acquisition date are: Pair Steel
Common Stock ($5 par value) 500,000 200,000
Additional Paid In Capital 300,000 80,000
Retained Earnings 350,000 150,000
Total Stockholders Equity 1,150,000 430,000
Noncontrolling interest was assigned income of $11,000 in Pair's consolidated income statement for 2019.
What is the total stockholder's equity in the consolidated balance sheet as of January 3, 2019?
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