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Please answer by 1hr - need it explained and outlined how you got it thanks for the time On January 1, Puckett Company paid $2.01

Please answer by 1hr - need it explained and outlined how you got it thanks for the time

image text in transcribed On January 1, Puckett Company paid $2.01 million for 67,000 shares of Harrison's voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison distributed a dividend of $2 per share during the year and reported net income of $595,000. What is the balance in the Investment in Harrison account found in Puckett's financial records as of December 31? $2,194,400. $2,471,000. $2,248,000. $2,114,000. In January 2014, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc., for $835,000. This investment gave Domingo the ability to exercise significant influence over Martes. Martes's assets on that date were recorded at $4,173,000 with liabilities of $953,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years. In 2014, Martes reported net income of $181,000. In 2015, Martes reported net income of $226,500. Dividends of $112,000 were declared in each of these two years. What is the equity method balance of Domingo's Investment in Martes, Inc., at December 31, 2015? $967,900. $987,000. $871,700. $833,500

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