1. 12 Points: On January 2, Year 1, Barber Company purchased 5,700 shares of Convell...
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1. 12 Points: On January 2, Year 1, Barber Company purchased 5,700 shares of Convell Company for $66,500. Convell Company has a total of 28,500 shares of common stock outstanding and it is presumed the Barber Company will have a significant influence over Convell. During each of the next two years, Convell declared and paid cash dividends of $0.85 per share, and its net income was $79.000 and $74.000 for Year 1 and Year 2, respectively, a. What is the book value of Barber's investment in Convell at the end of Year 1? b. What is the book value at the end of year 2
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