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Hepner Corporation has the following
Preferred stock (6% cumulative dividend) . . . . . . . . . $500,000
Common stock . . . . . . . . . . 750,000
Additional paid-in capital . . . . .300,000
The preferred stock is participating. Wasatch Corporation buys 80 percent of this common stock for $1,600,000 and 70 percent of the preferred stock for $630,000. The acquisition-date fair value of the noncontrolling interest in the common shares was $400,000 and was $270,000 for the
shares.
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