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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 7
Selk Steel Co., which began operations on January 4, 2015, had the following subsequent transactions and events in its long-term investments.
2015
Jan. 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,560,000.
Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share.
Dec. 31 Kildaire's net income for 2015 is $1,164,000, and the fair value of its stock at December 31 is $30.00 per share.
2015
Jan. 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,560,000.
Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share.
Dec. 31 Kildaire's net income for 2015 is $1,164,000, and the fair value of its stock at December 31 is $30.00 per share.
Explanation
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A long term investment is categorized as...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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