Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $180,000 on...
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Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $180,000 on January 1, 2019, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2019, the following information is available for Crowell:
Mar. 31
Declared and paid a cash dividend of $40,000.
June 30
Reported semiannual earnings of $120,000 for the first half of 2019.
Sept. 30
Declared and paid a cash dividend of $40,000.
Dec. 31
Reported semiannual earnings of $140,000 for the second half of 2019.
2. What is the balance in Millers investment account on December 31, 2019?
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