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zysi [14]
3 years ago
12

Myers Company acquired a 60% interest in Gannon Corporation on December 31, 2020 for $1,775,000. During 2021, Gannon had net inc

ome of $1,000,000 and paid cash dividends of $250,000. At December 31, 2021, the balance in the equity investment account should be
Business
1 answer:
miskamm [114]3 years ago
6 0

Answer:

The answer is $2,225,000

Explanation:

Cost of acquisition is $1,775,000

Meyer company's share of net income in Gannon corporation:

60% of $1,000,000

0.6 x $1,000,000

= $600,000

Meyer company's share from cash dividend in Gannon corporation

60% of $250,000

0.6 x $250,000

= $150,000

The balance in the equity investment account at December 31, 2021 should be:

$1,775,000 + $600,000 – $150,000

= $2,225,000

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Blueberry Baking Company produced 5,500 cakes that require 3 standard pounds per unit at a $3 standard price per pound. The comp
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Answer:

Dr. Work in process                  $49,500

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3 years ago
How do basic level occupation help society​
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Answer:

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When performing the "Incremental ROR analysis" of multiple mutually exclusive alternatives, the first step is to order all the a
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