(Answered) On january 1 year 1 palm inc purchased 80 of the stock of

Accounting

On January 1, year 1, Palm, Inc. purchased 80% of the stock of Stone Corp. for $4,000,000 cash. Prior to the acquisition, Stone had 100,000 shares of stock outstanding. On the date of acquisition, Stone's stock had a fair value of $52 per share.

During the year Stone reported $280,000 in net income and paid dividends of $50,000. What is the balance in the non controlling interest account on Palm's balance sheet on December 31, year 1?

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