Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

Val Corporation

Calculate income and investment account balance (investee has preferred stock)

Val Corporation paid $290,000 for 40 percent of the outstanding common stock of Wat Corporation on January 2, 2012. During 2012, Wat paid dividends of $48,000 and reported net income of $108,000. A summary of Wat’s stockholders’ equity at December 31, 2011 and 2012 follows (in thousands):

December 31,

2011

2012

8% cumulative preferred stock, $100 par

$100

$100

Common stock, $10 par

300

300

Premium on preferred stock

10

10

Other paid-in capital

90

90

Retained earnings

100

160

Total stockholders’ equity

$600

$660

REQUIRED: Calculate Val Corporation’s income from Wat for 2012 and its Investment in Wat account balance at December 31, 2012. Assume the book value of all assets and liabilities equals the fair value.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 01:09 PM My Price 6.00

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