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Cost Accounting-Wheddon Co purchased 60,000 ordinary shares in Raleigh Co

Wheddon Co purchased 60,000 ordinary shares in Raleigh Co for $85,000 five years ago, when Raleigh Co’sretained earnings were $20,000.Raligh Co’s equity and reserves at 31 July 20X9 were as follows:Ordinary shares $1 80,000Retained earnings 70,000The fair value of the non-controlling interest at acquisition was $22,000.

 

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