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On December 31, Year 1, Starlight Enterprises acquired a 90% ownership interest in Lunar Importers by purchasing 90,000 of Lunar's 100,000 voting common shares outstanding for $900,000 cash. Additional information regarding Lunar as of December 31, Year 1, follows:

Book value Fair value

Net assets $600,000 $800,000

Under U.S. GAAP, the consolidated balance sheet of Starlight Enterprises and what Subsidiary would report goodwill in the amount of:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M977033

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