Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. miller corporation acquired 30% of the outstanding

Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $180,000 on...

50.1K

Verified Solution

Question

Accounting

Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $180,000 on January 1,2018, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2018, the following information is available for Crowell:
Mar. 31 Declared and paid a cash dividend of $40,000.
June 30 Reported semiannual earnings of $120,000 for the first half of 2018.
Sept. 30 Declared and paid a cash dividend of $40,000.
Dec. 31 Reported semiannual earnings of $140,000 for the second half of 2018.
Required:
1. Prepare journal entries for Miller to reflect the preceding information.
2. What is the balance in Millers investment account on December 31,2018?What is the balance in Millers investment account on December 31,2018?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students