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If Elstone Company acquired a 30% Interest in Alley Company on December 31, 2004 for...

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Accounting

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If Elstone Company acquired a 30% Interest in Alley Company on December 31, 2004 for $150,000 and the equity method of accounting for the Investment were used, the amount of the debit to Investment in Alley Company Stock would have been * The summarized balance sheets of Elstone Company and Alley Company as of December 31, 2004 are as follows: Elstone Company Balance Sheet December 31, 2004 Assets P800,000 Liabilities Capital stock Retained camnings Total equities Alley Company Balance Sheet December 31, 2004 Assets P100,000 400,000 300,000 P800,000 P600,000 Liabilities Capital stock Retained earnings Total equities P150,000 370.000 80,000 P600.000

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