On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition. Harrison distributed a dividend of $2 per share during the year and reported net income of $560,000. What is the balance in the Investment in Harrison account found in the financial records of Puckett as of December 31?
Please show calculation, thanks.
Recently Asked Questions
- Topic: Limits and Continuity. I have provided the questions as a picture so that the numbers are accurately displayed.
- What is integrated marketing and how does it fit in a marketing plan?
- Find the average monthly temperature for your local area for the last year. Draw a scatter plot of the data Plot your data and from the resultant graph find