View Policies Current Attempt in Progress Judd, Inc, owns 35% of Cosby Corporation. During the...
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View Policies Current Attempt in Progress Judd, Inc, owns 35% of Cosby Corporation. During the calendar year 2021. Cosby had net earnings of $300,000 and paid dividends of $30,000, Judd mistakenly recorded these transactions using the fair value method rather than the equity method of accounting What effect would this have on the investment account, net income, and retained earnings, respectively? Understate, overstate, overstate O Overstate, understate, understate Overstate, overstate, overstate Understate, understate, understate e Textbook and Media Attempts:0 of 1 used Submit Answer Save for Later View Policies Current Attempt in Progress During 2020, Crane Compariy purchased 91000 shares of Novak Corporation common stock for $1370000 as an equity investment The fair value of these shares was $1299000 at December 31, 2020. Crane sold all of the Novak stock for $16 per share on December 3, 2021, incurring $67000 in brokerage commissions. Crane Company should report a realized gain on the sale of stock in 2021 of O $19000 O $86000 $90000 $157000 e Textbook and Media Attempts: 0 of 1 used Submit Answer Save for Later
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