Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help please On January 1, 2020, Alison, Inc., paid $69.500 for assets with a book value of $219.500 and liabilities per Corporation's common stock.

need help please

image text in transcribed
On January 1, 2020, Alison, Inc., paid $69.500 for assets with a book value of $219.500 and liabilities per Corporation's common stock. This investee had worth $31,500. This patent had a six year remaining olister having a $12,000 book value was actually goodwill. During 2020, Holister earned income of $32. issociated with this acquisition was attributed to $71,500 and dividends of $16,000. During 2021, the fair dividends of $11,000. In 2021, It had income of in Holister had risen from $79,200 to $89,900 a. Assuming Alison uses the equity method, what balance should appear in th Investment in Holister account as of December 31 2021? b. Assuming Alison uses fair value accounting, what income from the investment in Holister should be reported for 2021? Investment in Holster Investment income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S Warren, Jeff Jones

16th Edition

0357510380, 978-0357510384

More Books

Students also viewed these Accounting questions