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Ryan Company owns 80% of Chase Company. The original balances presented for Ryan and Chase as of January 1, 2011, are as follows: Chase Company: Shares outstanding 50,000 Book value $400,000 Book value per share $8 Ryan Company: Shares owned of Chase Book value of investment in Chase 40,000 $320,000 Assume Chase issues 30,000 additional shares common stock solely to Ryan for $12 per share. 54. After acquiring the additional shares, what adjustment is needed for Ryan's investment in Chase account? A. $70,000 increase. B. $70,000 decrease. C. $15,000 increase. D. $15,000 decrease. E. No adjustment is necessary