Business, 11.02.2020 18:00 Daseanjones3063
Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2019, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2019, the following information is available for Crowell:
Mar. 31 Declared and paid a cash dividend of $50,000
June 30 Reported semiannual earnings of $120,000 for the first half of 2016
Sept. 30 Declared and paid a cash dividend of $50,000
Dec. 31 Reported semiannual earnings of $14,000 for the second half of 2016
Required
a. Prepare journal entries for Miller to reflect the preceding information
b. What is the balance in Miller's investment account on December 31, 2016? Show your computatios.
Answers: 2
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Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000...
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