Pool Company purchased 90% of the outstanding common stock of Spruce Company on December 31, 2011, for cash. At that time the balance sheet of Spruce Company was as follows:
|Plant and equipment||990,000|
|Common stock, $20 par value||900,000|
|Other contributed capital||440,000|
|Less treasury stock at cost, 5,000 shares||100,000|
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