REFERENCE: Ref.03_01
On January 1,2009,Cale Corp.paid $1,020,000 to acquire Kaltop Co.Kaltop maintained separate incorporation.Cale used the equity method to account for the investment.The following information is available for Kaltop's assets,liabilities,and stockholders' equity accounts:
SHAPE \* MERGEFORMAT
Kaltop earned net income for 2009 of $126,000 and paid dividends of $48,000 during the year.
-At the end of 2009,the consolidation entry to eliminate Cale's accrual of Kaltop's earnings would include a credit to Investment in Kaltop Co.for

Question

REFERENCE: Ref.03_01
On January 1,2009,Cale Corp.paid $1,020,000 to acquire Kaltop Co.Kaltop maintained separate incorporation.Cale used the equity method to account for the investment.The following information is available for Kaltop's assets,liabilities,and stockholders' equity accounts:
SHAPE \* MERGEFORMAT
  Kaltop earned net income for 2009 of $126,000 and paid dividends of $48,000 during the year.
-At the end of 2009,the consolidation entry to eliminate Cale's accrual of Kaltop's earnings would include a credit to Investment in Kaltop Co.for

Quizplus · Accepted Answer

The Answer of REFERENCE: Ref.03_01
On January 1,2009,Cale Corp.paid $1,020,000 to acquire Kaltop Co.Kaltop maintained separate incorporation.Cale used the equity method to account for the investment.The following information is available for Kaltop's assets,liabilities,and stockholders' equity accounts:
SHAPE \* MERGEFORMAT
  Kaltop earned net income for 2009 of $126,000 and paid dividends of $48,000 during the year.
-At the end of 2009,the consolidation entry to eliminate Cale's accrual of Kaltop's earnings would include a credit to Investment in Kaltop Co.for

REFERENCE: Ref.03_01 On January 1,2009,Cale Corp.paid $1,020,000 to Acquire Kaltop Co.Kaltop Maintained