Use the following information for questions 17 and 18. Miloy Corp.\'s transactio

Question

Use the following information for questions 17 and 18. Miloy Corp.'s transactions for the year ended December 31, 2008 included the following: Acquired 50% of Gant Corp.'s common stock for $180,000 cash which was borrowed from a bank. Issued 5,000 shares of its preferred stock for land having a fair value of $320,000. Issued 500 of its 11% debenture bonds due 2013 for $392,000 cash. Purchased a patent for $220,000 cash. Paid $120000 toward a bank loan. Sold available-for-sale securities for $796,000. Had a net increase in returnable customer deposits (long-term) of $88,000. Miloy

Explanation / Answer

C) $572,000.

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