Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1, 2018, tremen corporation acquired 40% o

On July 1, 2018, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen...

70.2K

Verified Solution

Question

Accounting

image

On July 1, 2018, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,170,000 for the investment, and that amount is exactly equal to 40% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,300,000 for 2018, and paid $160,000 of dividends each quarter to its shareholders. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of: Multiple Choice $3,626,000. $3,804,000. $3,430,000 $3,302,000

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

Which statement is true Dilations of a triangle always make the sides longer Dilations of...

Geometry
Q

Discuss the application of Unmanned Aerial Systems (UAS) in various industries and the benefits of using...

General Management
Q

Mechanical Properties of Solids 13 The edge of an aluminum cube is 10 cm One...

Physics
Q

If AABC ADEC ZABC 2x ZBCA 48 and ZCDE 74 A D B C x...

Geometry
Q

What is the weight mass of the vinegar that exactly fills a 2650 0 mL...

Algebra
Q

Assessing a Boeing Value Creation Identify and assess a major value creation activity evident in...

Accounting
Q

Pet Luggage Company makes two pet carriers, the Cat-allac and the Dog-eriffic. They are both...

Accounting
Q

Which of the following is not true regarding qualified defined contribution plans? ...

Accounting
Q

On January 1, 2019, Westermaat Corporation acquired 100 percent of the voting stock of Vossenbelt...

Accounting
Q

TABLE 2 a MACRS Mid-Quarter Convention: For property placed in service dhoring the first quarter...

Accounting
Q

Clarion Clinics operates a chain of 24-hour walk-in clinics. The administrator is trying to understand...

Accounting
Q

I need help with this question please. Thank you!! Four grams of...

Accounting