Dodge, incorporated acquires 15% of gates corporation on january 1, 2013, for $105,000 when the book value of gates was $600,000. during 2013 gates reported net income of $150,000 and paid dividends of $50,000. on january 1, 2014, dodge purchased an additional 25% of gates for $200,000. any excess cost over book value is attributable to goodwill with an indefinite life. the fair-value method was used during 2013 but dodge has deemed it necessary to change to the equity method after the second purchase. during 2014 gates reported net income of $200,000 and reported dividends of $75,000.
1. which adjustment would be made to change from the fair-value method to the equity method?
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Dodge, incorporated acquires 15% of gates corporation on january 1, 2013, for $105,000 when the book...
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