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Pomograte Corporation bought 75% of Sycamore Company's common stock, with a book value of$900,000, on January 2, 2014 for $750,000. The law firm of Dewey,
Pomograte Corporation bought 75% of Sycamore Company's common stock, with a book value of$900,000, on January 2, 2014 for $750,000. The law firm of Dewey, Cheatam and Howe was paid$55,000 to facilitate the purchase. At what amount should Pomograte's Investment in Sycamoreaccount be reported on January 2, 2014?
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
11th edition
538480289, 978-0538480284
