21) Crush Enterprises purchased 500,000 of the 1,000,000 outstanding shares of Carly Casualties for $4,500,000 on 1/1/16. On the date of the investment, Carly had net assets with a book value of $9,500,000 and fair value of $10,000,000. This difference is the result of equipment (remaining 10 year life) with a higher fair value than book value. Crush has significant influence over Carly and will account for this investment using the equity method. During the year, Carly declared dividends of $125,000 and reported Net Income of $1,300,000. What is the balance in the Investment in Carly account at year end?
22) Boston Exporters purchased 40,000 of the 100,000 outstanding shares of Giant Distributors for $2,000,000. Boston has significant influence over Giant and will account for this investment using the equity method. During the year, Giant declared dividends of $140,000 and reported Net Income of $800,000. Record all necessary journal entries for Boston related to this investment for the year. Then, calculate the ending balance of the Investment in Giant account.
23) On January 1, Austin Corporation purchased 30% of the outstanding voting common stock of San Marcos Industries common stock for $270,000 cash. On that date, the book value and fair value of San Marcos Industries were $900,000. On June 30, San Marcos paid cash dividends of $20,000 to its shareholders. San Marcos’ net income as of December 31 was $120,000. The fair value of the shares on December 31 was $300,000.
Prepare the journal entries necessary to record the above transactions on Austin Corporation’s books during the year.
24) Crush Enterprises purchased 500,000 of the 1,000,000 outstanding shares of Carly Casualties for $4,500,000 on 1/1/16. On the date of the investment, Carly had net assets with a book value of $9,500,000 and fair value of $10,000,000. This difference is the result of equipment (remaining 10 year life) with a higher fair value than book value. Crush has significant influence over Carly and will account for this investment using the equity method. During the year, Carly declared dividends of $125,000 and reported Net Income of $1,300,000. Prepare all necessary journal entries for Crush related to this investment. Then, calculate the ending balance in the Investment in Carly account.
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