Question: On January 1 , 2 0 2 1 , Morey, Inc., exchanged $ 1 8 0 , 5 7 5 for 2 5 percent of

On January 1,2021, Morey, Inc., exchanged $180,575 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdams assets and liabilities approximated their fair values.

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