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Panerai acquired 65% of Stefanel's voting stock for $31,550 in cash on January 1, 2015, when Stefanel's book value was $5,000. The fair value of

Panerai acquired 65% of Stefanel's voting stock for $31,550 in cash on January 1, 2015, when Stefanel's book value was $5,000. The fair value of the noncontrolling interest at the date of acquisition was $11,450, and all of Stefanel's assets and liabilities were reported at fair value, except for the following items:

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