Fox 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 Fox Ltd. applies IFRS and that the 25% holding of Gloven shares is sufficient to enable Fox to significantly influence the operating, investing, and financing decisions of Gloven.
Use the information in the following T account 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 Fox Ltd.?s share of Gloven Corp.?s net income for the year?
Share of Fox Ltd. in Gloven Corp.?s net income $
Link to Text
	How much was Fox Ltd.?s share of Gloven Corp.?s dividends for the year?
Share of Fox Ltd. in Gloven Corp.?s dividend $
Link to Text
	How much was Fox Ltd.?s annual depreciation of the excess payment for capital assets?
Annual depreciation $
Link to Text
	What was Gloven Corp.?s total net income for the year?
Gloven Corp.?s total net income $
Link to Text
	What were Gloven Corp.?s total dividends for the year?
Gloven Corp.?s total dividends $
Link to Text
	Assuming that depreciable assets had a remaining useful life of 10 years when Fox 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 $

Fox 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 Fox Ltd. applies IFRS and that the 25% holding of Gloven shares is sufficient to enable Fox to significantly influence the operating, investing, and financing decisions of Gloven. Use the information in the following T account 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 Fox Ltd.'s share of Gloven Corp.'s net income for the year? Share of Fox Ltd. in Gloven Corp.'s net income $ Link to Text How much was Fox Ltd.'s share of Gloven Corp.'s dividends for the year? Share of Fox Ltd. in Gloven Corp.'s dividend $ Link to Text How much was Fox Ltd.'s annual depreciation of the excess payment for capital assets? Annual depreciation $ Link to Text What was Gloven Corp.'s total net income for the year? Gloven Corp.'s total net income $ Link to Text What were Gloven Corp.'s total dividends for the year? Gloven Corp.'s total dividends $ Link to Text Assuming that depreciable assets had a remaining useful life of 10 years when Fox 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 $