Problem
Case: On January 1, the |Chin Company agreed to purchase all of Jack Jackson's interest in the company for $30 per share. Jack, who owns 15%-and a controlling interest of Chin-previously threatened to engage in a hostile takeover attempt of Chin. For the last two years, Chin's stock traded from about $12-23-reaching $23 on December 31 of last year. How should Chin record this transaction?