FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 2, 2020, Fidel Corp. purchased 200 of the 1,000 outstanding common shares of Rindu Ltd. for $ 60,000. During 2020, Rindu declared total

On January 2, 2020, Fidel Corp. purchased 200 of the 1,000 outstanding common shares of Rindu Ltd. for $ 60,000. During 2020, Rindu declared total cash dividends of $ 10,000 and reported net income for the year of $ 40,000. If Fidel uses the equity method of accounting for its investment in Rindu, Fidel's Investment in Rindu Ltd. account at December 31, 2020 should be?

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

Step: 3

blur-text-image

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

College Accounting Chapters 1- 9

College Accounting Chapters 1- 9

Authors: James A Heintz, Robert W Parry

23rd Edition

1337794783, 978-1337794787

More Books

Students also viewed these Accounting questions

Question

★★★★★
Ship collisions in the Houston Ship Channel are rare. Suppose the numbers of collisions are Poisson distributed, with a mean of 1.2 collisions every four months. a. What is the probability of having...

Answered: 1 week ago

Question

★★★★★
Immediately after a used truck is acquired, a new motor is installed and the tires are replaced at a total cost of $5,750. Is this a capital expenditure or a revenue expenditure?AppendixLO1

Answered: 1 week ago

Question

★★★★★
=+c) Which months have the lowest traffic at Oakland airport? (Hint: Consider all 12 months.) Heres a plot of the residuals from the model fit to the Oakland airport passengers, created in Excel:

Answered: 1 week ago

Question

★★★★★
Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017....

Answered: 1 week ago

Question

★★★★★
The following information is from Ellerby Company's comparative balance sheets. The current year income statement reports depreciation expense on fumiture of $20,500. During the yeat, furniture...

Answered: 1 week ago

Question

★★★★★
Introduction to Statistics Order of Operations and Small Numbers Solutions Name: Score: Instructions: Follow the order of operations to evaluate the following expressions. Show all your work, even...

Answered: 1 week ago

Question

★★★★★
What is the recommended way of importing multiple secrets into the HashiCorp Vault? Inline, with the '-' at the end of the put Importing a JSON file with the @ operator Redirecting a JSON file as...

Answered: 1 week ago

Question

★★★★★
Multi Enterprises Ltd. is a Canadian-controlled private corporation whose fiscal period coincides with the calendar year. For the year 2021, the company's taxable income was calculated as follows:...

Answered: 1 week ago

Question

★★★★★
statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Debit Credit $ 6,700 Accumulated Depreciation-Equipment $...

Answered: 1 week ago

Question

★★★★★
3. Suppose each person in a large statistics class (enrollment 1000 students) rolls a die 60 times and counts the number of times they roll an ace (one dot). (a) For each person, the total number of...

Answered: 1 week ago

Question

★★★★★
Grand Corporation reported pretax book income of $805,000. Tax depreciation exceeded book depreciation by $535,000. In addition, the company received $330,000 of tax-exempt municipal bond interest....

Answered: 1 week ago

Question

★★★★★
3. What does it mean when we say that we attribute a certain meaning to our experiences?

Answered: 1 week ago

Question

★★★★★
2. In this chapter, the reader should reflect on the following concepts : Thomas theorem, premise of action, utterance and mental constructions.

Answered: 1 week ago

Question

★★★★★
11. Based on the following rules regarding the confidence we have in information in a communication context, find examples from your everyday life where the rules have relevance: (a) The spatial rule...

Answered: 1 week ago

Previous Question Next Question