Business, 24.03.2021 19:30 jiggyN

The summarized balance sheets of Goebel Company and Dobbs Company as of December 31, 2014 are as follows: Goebel Company
Balance Sheet
December 31, 2014
Assets $1,200,000
Liabilities $ 150,000
Capital stock 600,000
Retained earnings 450,000
Total equities $1,200,000
Dobbs Company
Balance Sheet
December 31, 2014
Assets $900,000
Liabilities $205,000
Capital stock 575,000
Retained earnings 120,000
Total equities $900,000
If Goebel Company acquired a 20% interest in Dobbs Company on December 31, 2014 for $175,000 and the fair value method of accounting for the investment were used, the amount of the debit to Equity Investments (Dobbs) would have been:

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The summarized balance sheets of Goebel Company and Dobbs Company as of December 31, 2014 are as fol...

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