Question
On January 1, 2020, Waterway Corporation purchased 34% of the common stock outstanding of Pharoah Corporation for $850000. During 2020, Pharoah Corporation reported net income
On January 1, 2020, Waterway Corporation purchased 34% of the common stock outstanding of Pharoah Corporation for $850000. During 2020, Pharoah Corporation reported net income of $180000 and paid cash dividends of $80000. The balance of the Stock InvestmentsPharoah account on the books of Waterway Corporation at December 31, 2020 is
$850000.
$911200.
$822800.
$884000.
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-0176509736
