Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2018, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2018, the following information is available for Crowell:

Mar. 31	Declared and paid a cash dividend of $60,000.
June 30	Reported semiannual earnings of $110,000 for the first half of 2018.
Sept. 30	Declared and paid a cash dividend of $60,000.
Dec. 31	Reported semiannual earnings of $140,000 for the second half of 2018.

Required:

1.	Prepare journal entries for Miller to reflect the preceding information.
2.	What is the balance in Millers investment account on December 31, 2018?

CHART OF ACCOUNTS

Miller Corporation

General Ledger

	ASSETS
111	Cash
121	Accounts Receivable
141	Inventory
152	Prepaid Insurance
181	Equipment
189	Accumulated Depreciation
192	Investment in Stock

	LIABILITIES
211	Accounts Payable
231	Salaries Payable
250	Unearned Revenue
261	Income Taxes Payable

	EQUITY
311	Common Stock
331	Retained Earnings

	REVENUE
411	Sales Revenue
423	Investment Income
431	Interest Income

	EXPENSES
500	Cost of Goods Sold
511	Insurance Expense
512	Utilities Expense
521	Salaries Expense
532	Bad Debt Expense
540	Interest Expense
541	Depreciation Expense
559	Miscellaneous Expenses
910	Income Tax Expense

Prepare journal entries for Miller to reflect the 2018 transactions. Additional Instruction

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10

What is the balance in Millers investment account on December 31, 2018?