Pete Inc. purchased 80% of Paul Co, for $240,000 when Paul's book value was $300,000....

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Accounting

Pete Inc. purchased 80% of Paul Co, for $240,000 when Paul's book value was $300,000. Paul
has 50,000 shares outstanding and currently has a book value of $400,000.
Assume Paul reacquired 8,000 shares of its common stock from outsiders at $10 per share.
What is Pete's percent ownership in Paul after the acquisition of the treasury shares (rounded)?
80%.
95%.
64%.
76%.
69%.
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