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Port Company purchased 35,400 of the 118,000 outstanding shares of Sund Company common stock on January 1, 20X2, for $183,000. The purchase price was
Port Company purchased 35,400 of the 118,000 outstanding shares of Sund Company common stock on January 1, 20X2, for $183,000. The purchase price was equal to the book value of the shares purchased. Sund reported the following: Year Net Income 20X2 20X3 20X4 $41,000 31,000 16,000 Dividends $26,000 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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