Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. miller corporabon acquired 30% of the outstanding

Miller Corporabon acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on...

90.2K

Verified Solution

Question

Accounting

image
Miller Corporabon acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1,2019 , and obtained significant influence, The purchase price of the shares was equal to their book value. During 2019 , the following intormation is available tor Crowell: Mat. 31 Deciared and paid a cash dividend of $50,000 3une 30 Reported semiannual eamings of $120,000 for the frst halt of 2019. 5 Set.30 Deciared and paid a cash dividend of $50,000 Dec 31 Reported semiannual eamings of $140,000 for the second hatf of 2019. Required; 1. Propare joumal entries for Miller to reflect the preceding information 2. What is the balance in Maler's investment account on December 31, 2019

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Prove that n, nth roots of unity form a group under multiplication.

Basic Math
Q

Present a mock brief operations blueprint built off of your college bookstore.

Operations Management
Q

In the US I want to know what proportion of 13-year-olds vape. Three distributions are associated...

Basic Math
Q

Which of the following are potential tRNA anticodons that would carry a serine amino acid...

Biology
Q

One of your friends argues that ocean pollution is not that big of an issue...

Biology
Q

My Activities GradeResults Which of the following pairs are used in Rutherford s experiment O...

Biology
Q

When switch S in the figure Figure 1 is open the voltmeter V of the...

Physics
Q

Know to formula for elasticity of demand Know the interpretation of elasticity of demand and...

Basic Math
Q

An IQ test is designed so that the mean is 100 and the standard deviation...

Statistics
Q

The table shows the number of books read by students over the summer and their...

Algebra
Q

Let Us Discover 57 This Simplified Self-learning Module (SSLM) will help you understand the different...

Accounting
Q

Tony and Suzie graduate from college in May 2021 and begin developing their new business....

Accounting