Homework Help Save &EitSu Milani, Inc, acquired 10 percent of Seida Corporation on January 1,...
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Homework Help Save &EitSu Milani, Inc, acquired 10 percent of Seida Corporation on January 1, 2017, for $200,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani purchased an additional 30 percent of Seida for $643.000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2.020,000 in total Seida's January t 2018 book value equaled $1,870,000, although land was undervalued by $139,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $331,000 and declared and paid dividends of $102,000. Prepare the 2018 journal entries for Mlani related to its investment in Seida. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record acquisition of Seida stock Note Enter Prev 7of10lll Next > 0
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