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Prologa corporation interest in sadflattes common stock

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Reference no: EM131788502

Sadflatte's Corporation's stockholder's equity at December 31, 2016 included the following:

8% Preferred stock, $10 par value $2,000,000

Common Stock, no par $20,000,000

Additional paid-in capital $8,000,000

Retained Earnings $8,000,000

Prologa Corporation purchased a 30% interest in Sadflatte's common stock from other shareholders on January 1, 2017 for $11,600,000. What was the book value of Prologa's investment in Sadflatte?

Reference no: EM131788502

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