Plastic Company purchased 100 percent of Spoon Company's voting common stock for $655,000 on Janua Spoon...

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Plastic Company purchased 100 percent of Spoon Company's voting common stock for $655,000 on Janua Spoon reported assets of $708,000 and liabilities of $231,000. The book values and fair values of Spoon's a for land, which had a fair value of $123,000 more than book value, and equipment, which had a fair value of value. The remaining economic life of all depreciable assets at January 1, 20X4, was ten years. Spoon report and paid dividends of $53,000 in 20X4. Required: Compute the amount of investment income to be reported by Plastic for 20X4. Plastic Company purchased 100 percent of Spoon Company's voting common stock for $655,000 on Janua Spoon reported assets of $708,000 and liabilities of $231,000. The book values and fair values of Spoon's a for land, which had a fair value of $123,000 more than book value, and equipment, which had a fair value of value. The remaining economic life of all depreciable assets at January 1, 20X4, was ten years. Spoon report and paid dividends of $53,000 in 20X4. Required: Compute the amount of investment income to be reported by Plastic for 20X4.