(Solved by Humans)-Adam Company acquired 60% of the outstanding common stock of Saul
Question
Adam Company acquired 60% of the outstanding common stock of Saul Company on June 30, 2011 for $283,800. On that date, the fair value of the non-controlling interest was $189,200. On the acquisition date, Saul Companyhad retained earnings in the amount of $60,000, and the fair value of itsrecorded assets and liabilities wasequal to their book value. The excess of cost over the fair value of therecorded net assets was attributed toan unrecorded manufacturing formulaheld by Saul Company, whichhad an expected remaining usefullife of five years from June 30, 2011.
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