Capital Corporation purchased 40 percent of Cook Company’s stock on January 1, 20X4, for $136,000. On that date, Cook reported net assets of $300,000 valued at historical cost and $340,000 stated at fair valued. The difference was due to the increased value of buildings with a remaining life of 10 years. During 20X4 and 20X5 Cook reported net income of $10,000 and $20,000 and paid dividends of $6,000 and $9,000, respectively.
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