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QUESTION
On January 1, 2014, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $372,000.
Show how McIlroy determined the $411,000 Investment in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity profits against its share of Stinson’s income. (Amounts to be deducted should be indicated with a minus sign.)
