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On January 1,2024, Cullunnber Company, a public company, purchased 40% of the common shares of...

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Accounting

On January 1,2024, Cullunnber Company, a public company, purchased 40% of the common shares of Triple Titanium Inc. for $575,000. The remaining shares (60%) are held by the family members of the company's founder. Cullumber considers this a strategic investment and a critical step into developing consumer markets. Triple Titanium is currently a supplier to Cullumber. Cullumber placed two members on Triple Titanium's 10-person board of directors and the two members believe they have been influential on the board through the year. Cullumber and Triple Titanium both have December 31 year ends.
During 2024, Triple Titanium reported profit of $240,000 and paid total dividends of $60,000.
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