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Paint Corporation acquired 80 percent of the stock of Stain Company by issuing shares of its common stock with a fair value of $192000. At
Paint Corporation acquired 80 percent of the stock of Stain Company by issuing shares of its common stock with a fair value of $192000. At that time, the fair value of the noncontrolling interest was estimated to be $48,000, and the fair values of Stain's identifiable assets and liabilities were $310,000 and $95.000, respectively Stain's assets and liabilities had book values of $220.000 and $95.000, respectively Required: Compute the following amounts to be reported immediately after the combination a Investment in Stain reported by Paint b. Goodwill for the combined entity c Noncontrolling interest reported in the consolidated balance sheet
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