Petunia Corporation acquired 90 percent of the stock of Spring Company on January 1, 20X2, for $360,000 At that date, the fair value of the noncontrolling interest was $40,000 Springs balance sheet contained the following amounts at the time of the combination Cash $ 20,000 Accounts Payable $ 25,000 Accounts Receivable 60,000 Bonds Payable 75,000 Inventory 70,000 Common Stock 100,000 Buildings and Equipment (net) 350,000 Retained Earnings 300,000 Total Assets $ 500,000 Total Liabilities Equity $ 500,000 During each of the next three years, Spring reported net income of $70,000 and paid dividends of $20,000 On January 1, 20X4, Petunia sold 3,000 shares of Springs $5 par value shares for $90,000 in cash Petunia used the fully adjusted equity method in accounting for its ownership of Spring Company Based on the preceding information, in the consolidation entries to complete a consolidation worksheet at January 1, 20X4 (after the sale of the 3,000 shares of Spring stock), Investment in Spring Stock will be credited for

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Petunia Corporation acquired 90 percent of the stock of Spring Company on January 1, 20X2, for $360,000. At that date, the fair value of the

Petunia Corporation acquired 90 percent of the stock of Spring Company on January 1, 20X2, for $360,000. At that date, the fair value of the noncontrolling interest was $40,000. Springs balance sheet contained the following amounts at the time of the combination:

Cash	$ 20,000	Accounts Payable	$ 25,000
Accounts Receivable	60,000	Bonds Payable	75,000
Inventory	70,000	Common Stock	100,000
Buildings and Equipment (net)	350,000	Retained Earnings	300,000
Total Assets	$ 500,000	Total Liabilities & Equity	$ 500,000

During each of the next three years, Spring reported net income of $70,000 and paid dividends of $20,000. On January 1, 20X4, Petunia sold 3,000 shares of Springs $5 par value shares for $90,000 in cash. Petunia used the fully adjusted equity method in accounting for its ownership of Spring Company.

Based on the preceding information, in the consolidation entries to complete a consolidation worksheet at January 1, 20X4 (after the sale of the 3,000 shares of Spring stock), Investment in Spring Stock will be credited for: