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Port Company purchased 34,500 of the 115,000 outstanding shares of Sund Company common stock on January 1, 20X2, for $189,000. The purchase price was equal
Port Company purchased 34,500 of the 115,000 outstanding shares of Sund Company common stock on January 1, 20X2, for $189,000. The purchase price was equal to the book value of the shares purchased. Sund reported the following: Year Net Income Dividend:s 20X2 20x3 20X4 $ 56,000 46,000 11,000 $ 41,000 Required Compute the amounts Port Company should report as the carrying values of its investment in Sund Company at December 31, 20x2, 20X3, and 20X4. Amounts 20X2 20X3 20X4
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