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Book value (show work)

Excess Book Value consideration

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Gain/loss on bargain

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Future year what do you do with deferral?

Chap 1- Equity Method i Help Save & Exit Submit Check my work Belden Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017 for $312.000, which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $800.000 at January 1, 2017 Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values except for a copyright whose value accounted for Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at January 1, 2017. No goodwill resulted from Belden's share purchase. points Sheffield reported net income of $180,000 in 2017 and $230,000 of net income during 2018. Dividends of $70,000 and $80,000 are declared and paid in 2017 and 2018, respectively. Belden uses the equity method. a. On its 2018 comparative income statements, how much income would Belden report for 2017 and 2018 in connection with the company's investment in Sheffield? b. If Belden sells its entire Investment in Sheffield on January 1, 2019 for $400.000 cash, what is the impact on Belden's income? c. Assume that Belden sells inventory to Sheffield during 2017 and 2018 as follows. What amount of equity income should Belden recognize for the year 2018? Year 2012 2018 Cost te Belden $30,000 33.000 Price to Sheffield $50,000 60,000 Year-End Balance (at Transfer Price) $20,000 (sold in following year) 40.000 sold in following year) Equity Income 2017 PS 4 9 500 Equity Income 2018 $ 64.500 Ioan lon sale of inwements Equity income s 61.500