On January 1, Belleville Company paid $2,760,000to acquire 69,000 shares of O'Fallon's voting common stock, which...
On January 1, Belleville Company paid $2,760,000to acquire 69,000 shares of O'Fallon's voting common stock, which represents a 40% investment. No allocations to goodwill or other specific accounts were made. Significant influence over O'Fallon is achieved by this acquisition, and so Bellville applies the equity method. O'Fallon declared a $1 per share dividend during the year and reported net income of $596,000. What is the balance in the investment in O'Fallon account found in Bellvile's financial records as of December 31?
Homework Answers
Calculate ending balance
| Initial investment | 2760000 |
| Net income (596000*40%) | 238400 |
| Dividend (69000*1) | -69000 |
| Ending balance | 2929400 |
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On January 1, Belleville Company paid $2,760,000to acquire
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6 and 7 show solution losses. 1. Puckett Company paid $1.6 million for 50.000 shares of...
6 and 7 show solution
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6 and 7 show solution
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