Business, 09.10.2019 23:00 nickocasamplonp6mlob

On january 3, 2018, matteson corporation acquired 40 percent of the outstanding common stock of o’toole company for $1,377,000. this acquisition gave matteson the ability to exercise significant influence over the investee. the book value of the acquired shares was $909,000. any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. this copyright has a remaining useful life of 10 years. for the year ended december 31, 2018, o’toole reported net income of $261,000 and declared cash dividends of $50,000. at december 31, 2018, what should matteson report as its investment in o’toole under the equity method?

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On january 3, 2018, matteson corporation acquired 40 percent of the outstanding common stock of o’to...