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Fizer Pharmaceutical paid $83 million on January 2,2024 , for 3 million shares of Carne Cosmetics common stock. The investment represents a 25% interest in
Fizer Pharmaceutical paid $83 million on January 2,2024 , for 3 million shares of Carne Cosmetics common stock. The investment represents a 25% interest in the net assets of Carne and gave Fizer the ability to exercise significant influence over Carne's operations. Fizer received dividends of $3 per share on December 21,2024 , and Carne reported net income of $80 million for the year ended December 31, 2024. The fair value of Carne's common stock at December 31, 2024, was $33.50 per 5 hare. - The book value of Carne's net assets was $224 million. - The fair value of Carne's depreciable assets exceeded their book value by $32 million. These assets had an average remaining useful life of eight years. - The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill: Required: Complete the table below and prepare the appropriate journal entries related to the investment during 2024. Record entry Clear entry Vlew general journal Complete the table below. Note: Enter your answers in millions, (i.e., 10,000,000 should be entered as 10)
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