Infinity Corporation acquired 80 % of the common stock of an Egyptian company on January 1, 2008. The goodwill associated with this acquisition was $18,350. Exchange rates at various dates during 2008 follow:
Goodwill suffered an impairment of 20 % during the year. If the functional currency is the Egyptian Pound, how much goodwill impairment loss should be reported on Infinity's consolidated statement of income for 2008?
A. $3,690
B. $3,670
C. $3,700
D. $3,680
On January 3, 2009, Jane Company acquired 75 % of Miller Company's outstanding common stock for cash. The fair value of the noncontrolling 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, 2009, are as follows:
What amount will Jane Company report as common stock outstanding in its consolidated balance sheet at December 31, 2009?