Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 8.00

Run Company

Calculate income and investment balance when investee capital structure includes preferred stock

Run Company had net income of $400,000 and paid dividends of $200,000 during 2012. Run’s stockholders’ equity on December 31, 2011, and December 31, 2012, is summarized as follows (in thousands):

 

December 31, 2011

December 31, 2012

10% cumulative preferred stock, $100 par

$ 300

$ 300

Common stock, $1 par

1,000

1,000

Additional paid-in capital

2,200

2,200

Retained earnings

500

700

Stockholders’ equity

$4,000

$4,200

On January 2, 2012, Nic Corporation purchased 300,000 common shares of Run at $4 per share and also paid $50,000 direct costs of acquiring the investment.

REQUIRED: Determine (1) Nic’s income from Run for 2012 and (2) the balance of the investment in the Run account at December 31, 2012.

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Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 01:09 PM My Price 8.00

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