1. On January 1, 2022, Joyce Inc. paid $600,000 to purchase 25% of Mark Inc.'s outstanding voting shares. Joyce has significant influence over Mark and reports the investment using the equity method. Mark's earnings for 2022 and 2023 were $100,000 and $200,000, respectively. Mark declared and paid dividends in the amount of $20,000 and $10,000 in 2022 and 2023, respectively.
2. Required:
3. 
   
4. Calculate the balance in the Investment in Mark Inc. account as of December 31, 2023.

Answer rating: 100% (QA)

Step 13 As per accounting standards the investment which are less than 50 that is they have signific... View the full answer