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The Following Information Pertains to Questions

question 19

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The following information pertains to questions
On January 1,2009,Hanson Inc.purchased 54,000 of Marvin Inc.'s 90,000 outstanding voting shares for $240,000.On that date,Marvin's common stock and retained earnings were valued at $60,000 and $90,000 respectively.Marvin's book values approximated its fair values on the acquisition date with the exception of the company's equipment,which was estimated to have a fair market value that was $50,000 in excess of its recorded book value.The equipment was estimated to have a useful life of eight years.Both companies use straight line amortization exclusively.
On January 1,2010,Hanson purchased an additional 9,000 shares of Marvin Inc.on the open market for $45,000.On this date,Marvin's book values were equal to its fair market values with the exception of the company's equipment,which is now thought to be undervalued by $60,000.Moreover,the equipment's estimated useful life was revised to 4 years on this date.
Marvin's net Income and dividends for 2009 and 2010 are as follows: Marvin's goodwill was subject to an impairment loss of $5,000 during 2009.Hanson ABC Inc.uses the equity method to account for its investment in Marvin Inc.
-What percentage of Marvin's shares was purchased by Hanson on January 1,2009?

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Definitions:

Nominal Rate

The stated interest rate on a loan or investment, not accounting for compounding or inflation effects.

Present Value

The actual value of future money amounts or incoming cash flows, calculated using an established return rate.

Interest Payable

This refers to the amount of interest expense that has accrued but has not yet been paid by the company.

Periodic Bond Interest Payments

The regular interest payments made to bondholders during the life of the bond.