Problem $3-1($LO $1)$ Alternative investment account methods, effect on elimina$-$

tions. On January $1,2015,$ Port Company acquires $8,000$ shares of Solvo Company by issuing

$10,000$ of its common stock shares with a par value of $$10$ per share and a fair value of $$70$ per

share. The price paid reflects a control premium. The market value of the shares owned by the

NCI is $$80$ per share. At the time of the purchase, Solvo has the following balance sheet:

Appraisals indicate that book values are representative of fair values with the exception of

the land and building. The land has a fair value of $$180,000,$ and the building is appraised at