On January 1, 2023, Concord Ltd. acquired 40% of Pharoah Corp.'s common shares for $328000. During 2023, Pharoah reported net income of $120000 and paid total dividends of $66000. Abalone's 40% interest in Pharoah gives Concord the ability to exercise significant influence over their operating and financial policies. During 2024, Pharoah reported net income of $175000 and paid total dividends of $39000 on April 1 and $41000 on October 1. On July 1, 2024, Concord sold half of its shares in Pharoah for $173000 cash. 

Calculate the carrying amount of this investment in Concord's December 31, 2023, statement of financial position.

Answer rating: 100% (QA)

To calculate the carrying amount of the investment in Concords December 31 2023 statement of financi... View the full answer