Miller corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2018, and obtained significant influence. the purchase price of the shares was equal to their book value. During 2018, the following information is available for Crowell:

Mar. 31 Declared and paid a cash dividend of $50,000

June 30 Reported semiannual earnings of $120,000 for the first half of 2018

Sept. 30 Declared and paid a cash dividend of $50,000

Dec. 31 Reported semiannual earnings of $14,000 for the second half of 2018

Required

1 . Prepare journal entries for Miller to reflect the preceding information

2. What is the balance in Miller's investment account on December 31, 2018? Show your computations.

Answer rating: 100% (QA)

1 Date Accounting titles explanations Debit Credit 1Jan investment 160000 cash 1... View the full answer