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  3. kim inc. paid $2,800,000 to acquire all of the co

Kim Inc. paid $2,800,000 to acquire all of the common stock of Cole Co....

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Question

Accounting

Kim Inc. paid

$2,800,000

to acquire all of the common stock of Cole Co. on January 4 , 2024. Cole Co.'s reported earnings for 2024 totaled

$512,000

and it paid

$160,000

in dividends during the year. The amortization of allocations related to the investment was

$28,000

. Kim Inc.'s net income, not including the investment, was

$3,310,000

, and it paid dividends of

$950,000

.\ On the consolidated financial statements for 2024 , what amount should have been shown for consolidated dividends?\

$-0

-\

$160,000

.\

$922,000

.\

$950,000

.\

$1,110,000

.

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Kim Inc. paid $2,800,000 to acquire all of the common stock of Cole Co. on January 4,2024 . Cole Co.'s reported earnings for 2024 totaled $512,000 and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Kim Inc.'s net income, not including the investment, was $3,310,000, and it paid dividends of $950,000. On the consolidated financial statements for 2024 , what amount should have been shown for consolidated dividends? \$-0- $160,000. $922,000. $950,000. $1,110,000

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