On July 1, 2011, Mountain Systems acquired 8,000 shares of Precision Services' 40,000 outstanding common shares at a cost of $240,000. The book value of Precision's net assets on that date was $880,000. The following data pertain to Precision Services for 2011:
Any excess of cost over book value is attributable to depreciable properties the market value of which exceeds the carrying value. The remaining life of the equipment is 10 years.
Definitions:
Population Mean
The mean value of every number within a given population.
Population Proportion
The fraction or percentage of a population that displays a particular attribute or characteristic.
Margin of Error
A measure indicating the range of values above and below a sample statistic in a confidence interval.
Point Estimate
A single value derived from sample data that serves as a best guess or best estimate of a population parameter.
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