On January 1, 2024, Bryant, Inc. decides to invest in 3,750 shares of Farrier stock when the
Question:
On January 1, 2024, Bryant, Inc. decides to invest in 3,750 shares of Farrier stock when the stock is selling for $16 per share. On August 1, 2024, Farrier paid a $0.70 per share cash dividend to stockholders. On December 31, 2024, Farrier reports net income of $50,000 for 2024. Assume Farrier has 15,000 shares of voting stock outstanding during 2024 and Bryant has significant influence over Farrier.
Requirements 1. Identify what type of investment the Farrier stock is for Bryant. 2. Journalize the transactions related to Bryant’s investment in the Farrier stock during 2024. 3. In what category and at what value would Bryant’s report the investment on the December 31, 2024, balance sheet?
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