On January 3, 20X9, Jane Company acquired 75 percent of Miller Company's outstanding common stock for cash. The fair value of the non controlling interest was equal to a proportionate share of the book value of Miller Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 20X9, are as follows:
Jane Miller
Total Assets $504,000 $216,000
Liabilities $144,000 $72,000
Common Stock 120,000 60,000
Retained Earnings 240,000 84,000
$504,000 $216,000