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Parris Corporation purchased 47% of Samitz Corporation for $107,000 on January 1. On November 17 of the same year, Samitz Corporation declared total cash dividends
Parris Corporation purchased 47% of Samitz Corporation for $107,000 on January 1. On November 17 of the same year, Samitz Corporation declared total cash dividends of $19,000. At year-end, Samitz Corporation reported net income of $67,000. The balance in the Parris Corporation's Long-Term Investment-Samitz account at December 31 should be:
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