Business, 18.12.2019 05:31 sarahgilbert1468

During january 2007, wells, inc. acquired 30% of the outstanding common stock of wilton co. for $1,400,000. this investment gave wells the ability to exercise significant influence over wilton. wilton's assets on that date were recorded at $6,400,000 with liabilities of $3,000,000. any excess of cost over book value of wells' investment was attributed to unrecorded patents having a remaining useful life of ten years. in 2007, wilton reported net income of $600,000. for 2008, wilton reported net income of $750,000. dividends of $200,000 were paid in each of these two years. what was the reported balance of wells' investment in wilson co. at december 31, 2008

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During january 2007, wells, inc. acquired 30% of the outstanding common stock of wilton co. for $1,4...

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