Business, 20.03.2020 04:04 maciemessing2

Crane, Inc. acquired 30% of Novak Corporation's voting stock on January 1, 2021 for $1110000. During 2021, Novak earned $433000 and paid dividends of $272000. Crane's 30% interest in Novak gives Crane the ability to exercise significant influence over Novak's operating and financial policies. During 2022, Novak earned $533000 and paid cash dividends of $172000 on April 1 and $172000 on October 1. On July 1, 2022, Crane sold half of its stock in Novak for $693000 cash. Before income taxes, what amount should Oriole include in its 2021 income statement as a result of the investment?

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Crane, Inc. acquired 30% of Novak Corporation's voting stock on January 1, 2021 for $1110000. During...

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