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Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2006 for $945,000. During 2007, Tomlin had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2007, the balance in the investment account should be
a. $945,000.
b. $1,305,000.
c. $1,215,000.
d. $1,395,000.
Bunting Corporation had net income of $250,000 and paid dividends to common stockholders of $50,000 in 2007. The weighted average number of shares outstanding in 2007 was 50,000 shares.
Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process.
If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
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In an Advertiser's records, a newspaper ad submitted and publisdhed this week with the agreement to pay for it next week would:
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