(Solved): On January 1, 2022, Paxon Corporation acquired 90 percent of the outstanding common stock of Saxon C ...

On January 1, 2022, Paxon Corporation acquired 90 percent of the outstanding common stock of Saxon Company for $1.8 billion cash. The fair value of the 10 percent noncontrolling interest in Saxon was estimated to be $150 million at the date of acquisition. Paxon uses the complete equity method to report its investment.