Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 31, 2018, Walmart Inc. sold some of its shares in Sarnia Ltd. for $100,000, reducing its proportion of ownership from 75% to 60%.
On December 31, 2018, Walmart Inc. sold some of its shares in Sarnia Ltd. for $100,000, reducing its proportion of ownership from 75% to 60%. Walmart uses the equity method to record its investment in Sarnia and the balance in the investment account on December 31, 2018, before the sale, was $537,000.What is the gain or loss on this ownership disposal?
Step by Step Solution
★★★★★
3.38 Rating (173 Votes )
There are 3 Steps involved in it
Step: 1
To calculate the gain or loss on the ownership disposal we need ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
