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Pacer Company created Spur, Inc. four years ago and has been using the cost method to account for this investment. The following account balances are
Pacer Company created Spur, Inc. four years ago and has been using the cost method to account for this investment. The following account balances are found in each firm's financial statements of the current year, 2020: (*The term "net income" means Pacer's investment income has been included.) Required: Provide the following figures: 1. Consolidated net income of Pacer and Spur, 2020: 2. Pacer's "Investment in Spur" at 12/31/20 (in Pacer's balance sheet)
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