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Category > Business & Finance Posted 16 May 2017 My Price 7.00

Journal entries to apply the equity method of accounting for investments in securities

17.   Journal entries to apply the equity method of accounting for investments in securities. Wood Corporation made three long-term intercorporate investments on January 2. Data relating to these investments for the year appear next.

 

 

Carrying

 

Value and

Fair Value of

 

Net

Dividends

Identifiable

 

Income

Declared

 

Percentage

Net Assets

Acquisition

(Loss) for

During

Company

Acquired

on January 2

Cost

the Year

the Year

Knox Corporation . . . . . .

50%

$700,000

$350,000

$ 70,000

$30,000

Vachi Corporation . . . . . .

30

520,000

196,000

40,000

15,000

Snow Corporation . . . . . .

20

400,000

100,000

(24,000)

—

 

Give the journal entries to record the acquisition of these investments and to apply the equity method during the year. There are no goodwill   impairments.

 

Answers

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Status NEW Posted 16 May 2017 09:05 AM My Price 7.00

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file 1494926308-Answer.docx preview (158 words )
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