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On January 1, 20X1, Quince Commodities Inc. purchased 80% of the common shares of Kiwi Products Corp. for $320,000. On the date of acquisition, Kiwi
On January 1, 20X1, Quince Commodities Inc. purchased 80% of the common shares of Kiwi Products Corp. for $320,000. On the date of acquisition, Kiwi Products issued $120,000 of 10% preferred shares at par, none of which Quince purchased. For the year 20X1, Kiwi Products declared $15,000 as dividends to the common share holders. The share of Kiwi Products' net income attributable to Quince Commodities is $50,400. Calculate the ending book value of Quince Commodities investment in Kiwi Products.
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