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Category > Accounting Posted 29 Jul 2017 My Price 11.00

Spandella Company

Ex 13-11  Equity method for stock investment                                                      ObJ. 3 On January 4, 2016, Spandella Company purchased 175,000 shares of Filington Company directly  from  one  of  the  founders  for  a  price  of  $30  per  share.  Filington  has   500,000

shares outstanding, including the Penman shares. On July 2, 2016, Filington paid $620,000

in total dividends to its shareholders. On December 31, 2016, Filington reported a net income of $1,050,000 for the year. Spandella uses the equity method in accounting for its investment in Filington.

a.     Provide the Spandella Inc. journal entries for the transactions involving its investment in Filington Inc. during 2016.

b.    Determine the December 31, 2016, balance of the Investment in Filington Company. Stock account.

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Maurice Tutor
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Status NEW Posted 29 Jul 2017 06:07 PM My Price 11.00

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