Assume that, on January 1, 2021, Sosa Enterprises paid $3,000,000 for its investment in 36,000 shares of Orioles Co. Further, assume that Orioles has 120,000 total shares of stock issued and estimates an eight-year remaining useful life and straight-line depreciation with no residual value for its depreciable assets. At January 1, 2018, the book value of Orioles’ identifiable net assets was $7,000,000, and the fair value of Orioles was $10,000,000. The difference between Orioles’ fair value and the book value of its identifiable net assets is attributable to $1,800,000 of land and the remainder to depreciable assets. Goodwill was not part of this transaction. The following information pertains to Orioles during 2018: Net Income $600,000
Dividends declared and paid $360,000
Market price of common stock on 12/31/2018 $80/share

Required:
What amount would Sosa Enterprises report in its year-end 2018 balance sheet for its investment in Orioles Co.?

Acquisition price for 30% share          $3,000,000

($36,000 / $120,000 * 100)

Add: Net income                                   $180,000

($600,000 * 30%)

Less: dividend                                       ($108,000)

($360,000 * 30%)

Less: excess depreciation                    -($45,000)

($1,200,000 / 8 yrs*30%)

Investment reported in Balance         $3,027,000

Sheet 2018

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.