Maurice Tutor

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

Category > Accounting Posted 30 Jul 2017 My Price 4.00

Kim Company

Equity method investments

Kim Company bought 30% of the shares of Phelps, Inc., at the start of 2016. Kim paid $10 million for the shares. Thirty percent of the book value of Phelps’s net assets is $8 million, and the difference of $2 million is due to land that Phelps owns that has appreciated in value. During 2016, Phelps reported net income of $1 million and paid a cash dividend of $0.5 million. At what amount does Kim carry the Phelps investment on its balance sheet as of December 31, 2016?

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 01:07 PM My Price 4.00

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