On January 1 , 2 0 2 1 , Pine Company owns 4 0 percent ( 1
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On January Pine Company owns percent shares of Seacrest, Inc., which it purchased several years ago for $ Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January is $ Excess patent cost amortization of $ is still being recognized each year. During Seacrest reports net income of $ and a $ other comprehensive loss, both incurred uniformly throughout the year. No dividends were declared during the year. Pine sold shares of Seacrest on August for $ in cash. However, Pine retains the ability to significantly influence the investee.
During the last quarter of Pine sold $ in inventory which it had originally purchased for only $ to Seacrest. At the end of that fiscal year, Seacrest's inventory retained $at sales price of this merchandise, which was subsequently sold in the first quarter of
On Pines financial statements for the year ended December what income effects would be reported from its ownership in Seacrest? Do not round intermediate calculations. Round your answers to the nearest whole dollar.
Related Book For
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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