I know this has been discussed ad nauseum, but there is still one point I am confused on.
I realize that if you buy a share of a JV at book value, then under the equity method and proportionate consolidation, the impact on shareholders' equity is the same. But is this true when the acquisition is for more than book value? I'm thinking it can't be, because you record the on your B/S at cost, which is greater than your % stake times the JV's equity.
