Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. p corporation paid $140,000 for a 70% interest in

P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014,...

70.2K

Verified Solution

Question

Accounting

P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014, when S had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of net assets were the same as recorded book values. During 2014, S had income of $40,000, declared dividends of $15,000, On December 31, 2014, the financial statements will show income from subsidiary for 2014

Select one:

a. 25,000

b. 10,500

c. 40,000

d. 28,000

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

What is the value of x in APQR

Geometry
Q

2. Two normal parents have a son that is a carrier for hemophilia (an X-linked recessive...

Biology
Q

IP A charge of 21.0 μC is held fixed at the origin. Part A If...

Physics
Q

A 28.0 kg beam is attached to a wall with a hinge while its far end...

Physics
Q

In economics, how is \"profit\" defined?

Economics
Q

When the AG of a chemical reaction is positive Keq 1 0 under standard conditions...

Biology
Q

Find the area bounded by the parabolas x 2 y and x 2 y 2

Geometry
Q

the problem 5 There are three convenience stores in Gambier This week Store I sold...

Calculus
Q

Use the following graph of a difference equation to estimate the value of x3 given...

Calculus
Q

ion the account to be debited and credited in respect of the following transactions and...

Accounting
Q

Multiple Production Department Factory Overhead Rate Method Performance Gloves, Inc. produces three sizes of...

Accounting
Q

6 On 26 August 1985, Rechelle purchased a property as her home for...

Accounting