Question: please help Current Attempt in Progress Cullumber Company purchased 100 of the 1000 outstanding shares of Pharoah Company's common stock for $720000 on January 2.

please help

Current Attempt in Progress Cullumber Company purchased 100 of the 1000 outstanding shares of Pharoah Company's common stock for $720000 on January 2. 2021. During 2021, Pharoah Company declared dividends of $160000 and reported earnings for the year of $520000. if Cullumber Company used the fair value method of accounting for its investment in Pharoah Company. Its Equity Investments (Pharoah) account on December 31, 2021 should be $772000 O $704000 $720000 $756000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

View Policies Current Attempt in Progress Cullumber Company purchased 200 of the 1000 outstanding shares of Marigold Company's common stock for $490000 on January 2,2021. During 2021, Marigold...

Current Attempt in Progress Cullumber Company purchased 100 of the 1000 outstanding shares of Pharoah Company's common stock for $720000 on January 2, 2025. In 2025, Pharoah declared dividends of...

On its December 31, 2020, balance sheet, Sandhill Company reported its investment in equity securities, which had cost $560000, at fair value of $528000. At December 31, 2021, the fair value of the...

Sunland Company purchased 100 of the 1000 outstanding shares of Oriole Company's common stock for $660000 on January 2, 2021. During 2021, Oriole Company declared dividends of $130000 and reported...

Wildhorse Company purchased 100 of the 1000 outstanding shares of Blossom Company's common stock for $690000 on January 2, 2021. During 2021, Blossom Company declared dividends of $145000 and...

Sandhill Company purchased 100 of the 1000 outstanding shares of Whispering Company's common stock for $560000 on January 2, 2021. During 2021, Whispering Company declared dividends of $80000 and...

Pharoah Company purchased 200 of the 1000 outstanding shares of Sheridan Company's common stock for $520000 on January 2, 2021. During 2021, Sheridan Company declared dividends of $60000 and reported...

Pharoah Company purchased 300 of the 1000 outstanding shares of Wildhorse Company's common stock for $640000 on January 2, 2021. During 2021, Wildhorse Company declared dividends of $120000 and...

Current Attempt in Progress Cullumber Inc. has 1.00 million common shares outstanding as at January 1, 2023. On June 30, 2023, 4% convertible bonds were converted into 120,000 additional shares. Up...

How do distribution tasks viewed from the perspective of the channel manager in a producing or manufacturing firm differ from the traditional lists of marketing functions?

The short run is a period too brief for a firm to alter its (p. _), but it can still change the degree to which the fixed plant is used. The long run is a period in which the firm can change (some,...

16 In a science experiment, two groups of seeds are planted. In group A, 175 seeds are planted and 156 start to grow. In group B, 220 seeds are planted and 189 start to grow. Use a calculator to work...

The Bavarian Beer Mug Company is a maker of traditional Bavarian Beer Mugs with lids (cf. Picture). It imprints the coat of arms of the Free State of Bavaria, company logos and other sayings on beer...