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:
| Current assets | $1,050,000 | |
| Plant and equipment | 990,000 | |
| Land | 170,000 | |
| Total assets | $2,210,000 | |
| Liabilities | $ 820,000 | |
| Common stock, $20 par value | 900,000 | |
| Other contributed capital | 440,000 | |
| Retained earnings | 150,000 | |
| Total | 2,310,000 | |
| Less treasury stock at cost, 5,000 shares | 100,000 | |
| Total equities | $2,210,000 |
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