CourseLover

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    Devry University
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Category > Accounting Posted 10 Dec 2017 My Price 10.00

Sage, Inc. bought 40% of Adams Corp

Sage, Inc. bought 40% of Adams Corp.’s outstanding common stock on January 2, 2010, for $400,000. The carrying amount of Adams’ net assets at the purchase date totaled $900,000. Fair values and carrying amounts were the same for all items except for plant and inventory, for which fair values exceeded their carrying amounts by $90,000 and $10,000, respectively. The plant has an eighteen-year life. All inventory was sold during 2010. During 2010, Adams reported net income of $120,000 and paid a $20,000 cash dividend. Assume that Sage uses the equity method to account for this investment. What amount should Sage report in its income statement from its investment in Adams for the year ended December 31, 2010?

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CourseLover
(12)
Status NEW Posted 10 Dec 2017 03:12 PM My Price 10.00

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