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Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January...

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Accounting

Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1,2020, for $458,500 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $655,000, and the fair value of the 30 percent noncontrolling interest was $196,500. No excess fair value over book value amortization accompanied the acquisition.
The following selected account balances are from the individual financial records of these two companies as of December 31,2021:
\table[[,Protrade,Seacraft],[Sales,$770,000,$490,000
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