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QUESTION
On January 1, 2005, Coot Company acquired a 15% interest in Roost Corporation for $120,000 when Roost's stockholder's equity consisted of $600,000...
On January 1, 2005, Coot Company acquired a 15% interest in Roost Corporation for $120,000 when Roost’s stockholder’s equity consisted of $600,000 capital stock and $200,000 retained earnings. Book values of Roost’s net assets equaled their fair values on this date
