Madison Corporation purchases an investment in Lake Geneva, Inc. at a purchase price of $10...
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Accounting
Madison Corporation purchases an investment in Lake Geneva, Inc. at a purchase price of $10 million cash, representing 40% of the book value of Lake Geneva, Inc. During the year, Lake Geneva reports net income of $1,700,000 and pays $419,000 of cash dividends. At the end of the year, the market value of Madisons investment is $12 million
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