Bott Company acquired 500 shares of Barus Company at $53 per share as a long-term investment. This

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Bott Company acquired 500 shares of Barus Company at $53 per share as a long-term investment. This represents 40 percent of the outstanding voting shares of Barus. During the year, Barus paid stockholders $3 per share in dividends. At year-end, Barus reported net income of $60,000. Barus’s stock price at the end of the year was $55 per share. For Bott Company, the amount of investments reported on the balance sheet at year-end and the amount reported on the income statement for the year are

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Financial Accounting

ISBN: 9781264229734

11th Edition

Authors: Robert Libby, Patricia Libby, Frank Hodge

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