MaGriff acquired 80% of CurloyQuo Company on January 1, 2021 for $102,000, On that acquisition date the fair value of the noncontrolling interest was $48,000 On the acquisition date, CurleyQue reported retained earnings of $50,000 and common stock outstanding of $100,000 MaGriff uses the equity method in accounting for the investment in Curleyque.

INSTRUCTIONS: 

Provide correct answers for the indicated blank spaces. Follow the requirements: 

1. IF the dollar amount is in a journal entry, DO NO included a dollar sign with that dollar amount. Otherwise, include a dollar sign for dollar amount 

2. Include a comma delimiter for dollar amounts where appropriate, eg this 6,750 NOT THIS 6750. 

3. Account names MUST be spelled correctly. A listing of account names is as follows: 

Books of MaGriff cash investment in Curley Que income from Curley Que dividend income Loss due to impairment

Transcribed Image Text:

Assume also that CurleyQue reported the following during 2021 OR at the end of 2021, December 31: $15,000 Dividends Declared... Net Income........ Goodwill impairment.. 35,000 3,000 Assume also that CurleyQue reported the following during 2021 OR at the end of 2021, December 31: $15,000 Dividends Declared... Net Income........ Goodwill impairment.. 35,000 3,000

Answer rating: 100% (QA)

Date 112021 12312021 12312021 Account Investment in Calique Dr To Cas... View the full answer