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9) Jabiru Corporation purchased a 20% interest in Fish Company common...

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Accounting

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9) Jabiru Corporation purchased a 20% interest in Fish Company common stock on January 1, 2013 for $300,000. This investment was accounted for using the complete equity method and the correct balance in the Investment in Fish account on December 31, 2015 was $440,000. The original excess purchase transaction included $60,000 for a patent amortized at a rate of $6,000 per year. In 2016, Fish Corporation had net income of $4,000 per month eamed uniformly throughout the year and paid $20,000 of dividends! in May. If labiru sold one-half of its investment in Fish on August 1, 2016 for $500,000. how much in was recognized on this transaction? A) $278,950 B) $280,000 C) $280,950 D) $282,000 we the cost method of accounting for its investment in common stoc. During

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