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I Just need help getting the numbers i got wrong right. i safari File Edit View History Bookmarks Develop Window Help ) 60% CA- Sat
I Just need help getting the numbers i got wrong right.
i safari File Edit View History Bookmarks Develop Window Help ) 60% CA- Sat 10:29 PM a eE ID newconnect.mhed Apple Bing Google Yahoo PPT Chapter 2-2017 Fall Term (1) F nancial Accounting how to screenshot mac Google Scarch AIS Outlines Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 4 Journalism 3050 On January 1, 2017, Fisher Corporation purchased 40 percent (78,000 shares) of the common stock of Bowden, Inc. for $984,000 in cash and began to use the equity method for the investment. The price paid represented a $54,000 payment in excess of the book value of Fisher's share of Bowden's underlying net assets. Fisher was willing to make this extra payment because of a recently developed patent held by Bowden with a 15-year remaining life. All other assets were considered appropriately valued on Bowden's books. 10 points Journalism 3510 Bowden declares and pays a $108,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $416,000 in 2017 and $344,000 in 2018. Each income figure was earned evenly throughout its respective year. On July 1, 2018, Fisher sold 10 percent (19,500 shares) of Bowden's outstanding shares for $330,000 in cash. Although it sold this interest, Fisher maintained the ability to significantly influence Bowden's decision-making process. Resume 2.0 Prepare the journal entries for Fisher for the years of 2017 and 2018. (If no entry is required for a transaction/event, select "No ournal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 984,000 0101/2017 Investment in Bowden Cash 984.000 09152017 Cash 432000 017-09.9.08 PM 43.2000 Investment in Bowden 12/31/2017 Investment in Bowden 166,400 Equity in investee income 166.400 2Step by Step Solution
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