On July 1, 2011, Mountain Systems acquired 8,000 shares of Precision Services
27. (6 points) 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: Net income reported in 2011: January 1 - June 30