Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2019, p company acquired 30 percent

On January 1, 2019, P Company acquired 30 percent of S...

60.1K

Verified Solution

Question

Accounting

image
On January 1, 2019, P Company acquired 30 percent of S Company's common stock, at underlying book value of $100,000. S has 100,000 shares of $3 par value, 6 percent cumulative preferred stock outstanding. No dividends are in arrears. S reported net income of $150,000 for 2019 and paid total dividends of $72,000. P uses the equity method to account for this investment. Based on the preceding information, what amount would P Company receive as dividends from S for the year

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Theory of inheritance of acquired characters was given by (a) Wallace (b) Lamarck (c) Darwin (d) De Vries.

Biology
Q

What are the values in arrays a, b, and c after the following code executes (list...

Programming
Q

Question You are the manager. What information should you request from the management accounting department? How will...

Accounting
Q

Question 3 Generally metals exist in Points 1 Osolid and liquid states 6 solid and...

Biology
Q

Select all the central angles in circle G D E F A angle DAF Bangle...

Geometry
Q

P X A 9 19 7 cm 12 cm x I P X 8 cm...

Geometry
Q

DI 3 points Lesson 17 A savings account pays a 3 nom Any interest earned...

Algebra
Q

Vaughan Company makes AMAZING SUPER DUPER Widgets. Management is now preparing detailed budgets...

Accounting
Q

Calculate the present value of the following amounts: 1. $13,000 at the end of five...

Accounting
Q

Credit Card Sales Lake Pleasant Marina sells boats and other water recreational vehicles (approximately three...

Accounting
Q

Write down a generator matrix for the cyclic code C of length 8 over F3...

Accounting
Q

Internal rate of return method for a service company Vail Resorts, Inc. (MTN), announced...

Accounting