On March 31, Pyramid Co. acquired 40% of the shares of Casting Co. Pyramid paid...
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Accounting
On March 31, Pyramid Co. acquired 40% of the shares of Casting Co. Pyramid paid $3,000,000 for the investment, and that amount is equal to 40% of the book value of identifiable net assets on Casting's balance sheet. Casting recognized net loss of $1,000,000 for the year. After closing entries are made for the year, Pyramids "Investment in Casting Company" account would have a balance of: Group of answer choices $3,160,000 $3,200,000 $3,000,000 $3,120,000 $2,700,000
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