1) Saito Corporation's stockholders' equity on December 31, 2010 was as follows:
10% cumulative preferred stock, $100 par value,
callable at $105, with one year dividends in arrears$10,000
Common stock, $1 par value50,000
Additional paid-in capital150,000
Total stockholders' equity$370,000
On January 1, 2011, Panata Corporation paid $300,000 for a 70% interest in Saito's common stock. On January 1, 2011, the book values of Saito's assets and liabilities were equal to fair values.
1. Determine the book value of the common stockholders' equity for Saito Corporation on January 1, 2011.