Business, 30.10.2019 20:31 fionatetreault8634
On january 1, 2017, cale corp. paid $1,020,000 to acquire kaltop co. kaltop maintained separate incorporation. cale used the equity method to account for the investment. the following information is available for kaltop's assets, liabilities, and stockholders' equity accounts on january 1, 2017:
book value fair value
current assets $120,000 $120,000
land $72,000 $192,000
building (20 year life) $240,000 $268,000
equipment (10 year life) $540,000 $516,000
current liabilities $24,000 $24,000
long-term liabilities $120,000 $210,000
common stock $228,000
additional paid in capital $384,000
retained earnings $216,000
what is the balance in cale's investment in subsidiary account at the end of 2017?
(a) $1,099,000
(b) $1,020,000
(c) $1,096,000
(d) $1,098,000
(e) $1,144,000
Answers: 3
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On january 1, 2017, cale corp. paid $1,020,000 to acquire kaltop co. kaltop maintained separate inco...
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