On January 1, 2014, The Miller Corporation purchased 300,000 shares of The Mayfair Corporation for $5.7 million.
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Question:
On January 1, 2014, The Miller Corporation purchased 300,000 shares of The Mayfair Corporation for $5.7 million. The investment represented 25 percent of The Mayfair Corporation’s outstanding common shares.
During 2014, Mayfair reported net earnings of $2.25 million and paid a cash dividend of $0.15 per share. During 2015, Mayfair reported a net loss of $180,000 and again paid a dividend of $0.15 per share.
Calculate the book value of Miller’s investment in Mayfair as of December 31, 2014, and December 31, 2015.
2014 | $Answer |
2015 | $Answer |
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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