On January 1, 2021, Parent Corporation acquired a controlling interest in the voting common stock of Foxboro Co. At the same time, Parent purchased 60% of Foxboro's outstanding preferred stock. In preparing consolidated financial statements, how should the acquisition of the preferred stock be accounted for?

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The Answer of On January 1, 2021, Parent Corporation acquired a controlling interest in the voting common stock of Foxboro Co. At the same time, Parent purchased 60% of Foxboro's outstanding preferred stock. In preparing consolidated financial statements, how should the acquisition of the preferred stock be accounted for?

On January 1, 2021, Parent Corporation Acquired a Controlling Interest