On January 1 , 2 0 2 3 , Bactin Corporation acquired 1 5 % of Oakton
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Question:
On January Bactin Corporation acquired of Oakton Company for $ On that date, the total book value and fair value of Oakton's identifiable net assets was $ Any difference between cost and fair value is attributable to goodwill. In Oakton reported net income of $ and paid dividends of $ On January Bactin Corporation bought another of Oakton for $ and on that date, the book value and fair value of Oakton's net assets still was $the fair value of Oakton did not change during Bactin concluded that its ownership now allowed it to significantly influence Oaktons operations. In Oakton reported net income of $ and paid dividends of $
Required:
Prepare all journal entries for Bactin for and assuming no change in fair value of the Oakton stock during that time period.
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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