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Pro Corporation purchased 12,000 shares of Schroeder Corporation on January 1,20X3, at book value. At...

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Accounting

Pro Corporation purchased 12,000 shares of Schroeder Corporation on January 1,20X3, at book value. At that date, the fair value of the noncontrolling interest was equal to 20.0 percent of Schroeder's book value. On December 31,20X8, Schroeder reported these balance sheet amounts. On January 1,20X9, Schroeder issued an additional 4,000 shares of its $10 par value common stock to Nonaffiliated Company for $70 per share.
A. Compute the change in book value of the shares held by Pro as a result of Schroeders issuance of additional shares. (Note: Do not round the percentage of stock held.)
C. Record the consolidation entry needed to prepare a consolidated balance sheet immediately after Schroeders issuance of additional shares.
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