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on january 1, 2019, telconnect acquires 70 percent of bandmor for $490,000 cash. the remaining 30 percent of bandmor’s shares continued to trade at a total value of $210,000. the new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. a patent was undervalued in the company’s financial records by $30,000. this patent had a five-year remaining life. goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. bandmor earns net income and declares cash dividends as follows:
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