Business, 08.02.2021 19:00 elijahsantiago21
On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies common stock for $222,000 cash. On that date, Short's book value and fair value were both $740,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $70,000. During 2021, Short also paid cash dividends in the amount of $19,000.
Required:
Compute the amount that would be reported for the investment on American Corporation's financial statements at December 31, 2021. what is investment amount?
Answers: 2
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On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Sup...
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