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Playtown Corporation purchased 7 5 percent of Sandbox Company common stock and 4 0 percent of its preferred stock on January 1 , 2 0

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Playtown Corporation purchased 75 percent of Sandbox Company common stock and 40 percent of its preferred stock on January 1,206, for $270,000 and $80,000, respectively. At the time of purchase, the fair value of Sandbox's common shares held by the noncontrolling interest was $90,000. Sandbox's balance sheet contained the following balances:
\table[[Preferred Stock ( $10 par value),$200,000
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