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Blue Spruce Ltd. invested $1,000,000 in Gloven Corp.early in the current year, receiving 25% of its outstanding shares. At the time of the purchase, Gloven
Blue Spruce Ltd. invested $1,000,000 in Gloven Corp.early in the current year, receiving 25% of its outstanding shares. At the time of the purchase, Gloven Corp. had a carrying amount of $3,090,000. Gloven Corp. pays out 35% of its net income in dividends each year. Assume that Blue Spruce Ltd. applies IFRS and that the 25% holding of Gloven shares is sufficient to enable Blue Spruce to significantly influence the operating, investing, and financing decisions of Gloven. Use the information in the following Taccount for the investment in Gloven to answer the following questions: Investment in Gloven Corp. 1,000,000 112,000 39,200 20.000 How much was Blue Spruce Ltd's share of Gloven Corp's net income for the year? Share of Blue Spruce Ltd. in Gloven Corps net income $ eTextbook and Media How much was Blue Spruce Ltd's share of Gloven Corp's dividends for the year? Share of Blue Spruce Ltd. in Gloven Corps dividend $ How much was Blue Spruce Ltd's annual depreciation of the excess payment for capital assets? Annual depreciation $ eTextbook and Media What was Gloven Corp.s total net income for the year? Gloven Corp.s total net income $ eTextbook and Media What were Gloven Corp.'s total dividends for the year? Gloven Corp's total dividends $ Assuming that depreciable assets had a remaining useful life of 10 years when Blue Spruce acquired its investment in Gloven, how much of the payment in excess of carrying amount was assigned to goodwill? Excess of carrying amount assigned to goodwill $
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