On January 1, 2021, Anna Inc. owned 75% of the common stock of Jill Co....
60.1K
Verified Solution
Link Copied!
Question
Accounting
On January 1, 2021, Anna Inc. owned 75% of the common stock of Jill Co. On that date, Jill's stockholders' equity accounts had the following balances:
Common stock ($6 par value) $300,000
Additional paid-in capital 120,000
Retained earnings 340,000
Total stockholders equity $760,000
The balance in Annas Investment in Jill Co. account was $570,000, and the noncontrolling interest was $190,000. On January 1, 2021, Jill Co. sold 10,000 shares of previously unissued common stock for $12 per share. Anna did not acquire any of these shares. What is the balance in Anna Incs Investment in Jill Co. account following the sale of the 10,000 shares of common stock?
$403,000.
$550,000.
$570,000.
$660,000.
$880,000.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.