On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison distributed a dividend of $2 per share during the year and reported net income of $560,000. What is the balance in the Investment in Harrison account found in Puckett's financial records as of December 31?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A back of the house staff performs the task of planning a menu. true or false
Answers (1)
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 10,800 Direct labor 30,600 Beginning work in process inventory 7,200 General and administrative expenses 13,500 Direct materials used 40,500
Answers (1)
Your import/export business is growing with such a large amount of varied inventory that you had to increase the space you rent in the storage warehouse.
Answers (1)
When does the cost of inventory become an expense? A. When cash is collected from the customer B. When inventory is purchased from the supplier C. When inventory is delivered to a customer D. When payment is made to the supplier
Answers (1)
Which of the following is likely to increase the value of a country's spending? A. The country's imports are higher than its exports. B. The country has high inflation. C. The country has a lot of debt. D. The country has a high interest rate.
Answers (1)
New Questions in Business
Which of the following is included in GDP? Group of answer choices revenue from the sale of a three-year old car the receipts from a sale of land the fees charged for a stock broker's services the value of lawn care service provided by a
Answers (1)
Which of these is an example of rebranding? O A. A new motto O B. More employees O C. Higher pricing O D. More investments
Answers (1)
You're planning a really big surprise trip for your 10-year anniversary. However, the internet is down and you know you need to buy the airline tickets during tomorrow's flash sale.
Answers (1)
Answer the following statement true (T) or false (F) : Mark is a cash basis taxpayer. He is a partner in the M & M partnership, and his share of the partnership's profits for 2019 is $90,000.
Answers (1)
A supermarket manager schedules the workers in the supermarket to ensure that enough cash register clerks are available at different times during the day to handle the expected demand from customers.
Answers (1)