Playtown Corporation purchased 75 percent of Sandbox Company common stock and 40 percent of its preferred stock on January 1, 20X6, 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: Preferred Stock ($10 par value) $ 200,000 Common Stock ($5 par value) 150,000 Retained Earnings 210,000 Total Stockholders' Equity $ 560,000