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/ Homework Answers / Accounting / Exercises 1) Saito Corporation's stockholders' equity December 31, 2010 was as

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Exercises

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

Retained earnings160,000

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.

Required:

1. Determine the book value of the common stockholders' equity for Saito Corporation on January 1, 2011.

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