Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 409 Weeks Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 08 Oct 2017 My Price 6.00

Deuce Inc

On January 1, 2011, Deuce Inc. acquired 15% of Wiz Co.'s outstanding common stock for $62,400 and categorized the investment as an available-for-sale security. Wiz earned net income of $96,000 in 2011 and paid dividends of $36,000. On January 1, 2012, Deuce bought an additional 10% of Wiz for $54,000. This second purchase gave Deuce the ability to significantly influence the decision making of Wiz. During 2012, Wiz earned $120,000 and paid $48,000 in dividends. As of December 31, 2012, Wiz reported a net book value of $468,000. For both purchases, Deuce concluded that Wiz Co.'s book values approximated fair values and attributed any excess cost to goodwill.On Deuce's December 31, 2012 balance sheet, what balance was reported for the Investment in Wiz Co. account?  

A.  $139,560.

B.  $143,400.

C.  $310,130.

D.  $186,080.

E.  $182,250.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 10:10 PM My Price 6.00

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