Illustrate what is the balance in investment in garvin

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Reference no: EM13126268

On Jan 1, 2011, Riney Co owned 80% of the common stock of Garvin. On that date, Garvin's stockholders equity accounts had the following balance:

Common Stock($5) par value)250,000
Additional paid in capital 110,000
Retained earnings 330,000
Total stockholders equity 690,000

The balance in Rineys investment in Garvin account was $552,000 and the non controlling interest was $138,000. On jan 1,2011, Garvin sold 10,000 shares of previously unissued common stock for $15 per share. Riney did not acquire any of these shares. what is the balance in Investment in Garvin after the sale of the 10,000 shares of common stock?

Reference no: EM13126268

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