Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Apple Company purchased 42% of Orange Company's common stock for $418,000 on January 1, 2021. During 2021, Orange Company reported a net in come of

image text in transcribed

Apple Company purchased 42% of Orange Company's common stock for $418,000 on January 1, 2021. During 2021, Orange Company reported a net in come of $79,000 and paid dividends totaling $13,000. For 2022, Orange Com pany paid dividends totaling $21,0e0. On December 31, 2022, Apple Comp any sold three-fourths of its investment in Orange Company for $319,6 25 cash. Apple Company reported a loss on the sale equal to $12,460. Calculate the balance in the investment in Orange Company account at December 31, 2021. Question 8 3.5 pts Apple Company purchased 42% of Orange Company's common stock for $418,00e on January 1, 2021. During 2021, Orange Company reported a net in come of $79,000 and paid dividends totaling $13,000. For 2022, Orange Com pany paid dividends totaling $21,000. On December 31, 2022, Apple Comp any sold three-fourths of its investment in Orange Company for $319,6 25 cash. Apple Company reported a loss on the sale equal to $12,460. Calculate the amount of net income earned by Orange Company in 20 22

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Decision Makers

Authors: Peter Atrill

9th Edition

9781292204574

More Books

Students also viewed these Accounting questions