Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. zz, inc. acquired 35% of davis company's common st

ZZ, Inc. acquired 35% of Davis Company's common stock for $300,000 on January 1, 2018....

90.2K

Verified Solution

Question

Accounting

image

ZZ, Inc. acquired 35% of Davis Company's common stock for $300,000 on January 1, 2018. During 2018, Davis Company reported a net income of $150,000 and paid dividends totaling $20,000. For 2019, Davis Company earned a net income of $180,000 and paid dividends totaling $30,000 On December 31, 2019, zz, Inc. sold one-half of its investment in Davis Company for $208,000 cash. Calculate the balance in the investment in Davis Company account at December 31, 2018. Do not use decimals in your

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