Illustrate what was the balance in the investment in lennon

Assignment Help Financial Accounting

Reference no: EM13130363

On January 1, 2006, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.'s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by this acquisition. Lennon distributed a dividend of $2.50 per share during 2006 and reported net income of $670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2006

Reference no: EM13130363

Questions Cloud

How to use margin of error in estimating percentage of adult : How would you use the "margin of error" in estimating the percentage of all adults who think that Venetian blinds are the hardest to clean?

What amount should abby and co. report as adjusted beginning : Abby and Co. reported a retained earnings balance of $500,000 at December 31, 2010. In September 2011, Abby and Co. determined that insurance premiums of $90,000 for the three-year period beginning January 1, 2010, had been paid and fully expensed..

Converting decimal to binary : Convert these integers from decimal notation to binary notation. Please show each step if possible. I am having a terrible time trying to understand this.

Powder : What are the grounds of Lanyer's defense of Eve and of women? It is accurate to regard her as an early feminist? Who is to blame for the fall of humankind and what is her justification?

Illustrate what was the balance in the investment in lennon : Illustrate what was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2006

Define photochemical chlorination of heptane gave a mixture : Photochemical chlorination of heptane gave a mixture of monochlorides containing 15% 1-chloroheptane. What other monochlorides are present? Estimate the percentage of each of these additioanl C7H15Cl isomers in a monochloride fraction.

Application of the financial statement : Students will prepare a two to three (2-3) page response to the following: • Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life.

Discuss the reasons why corporations invest in securities : Discuss the reasons why corporations invest in securities and how the market would be affected if they stopped this practice?

How much hcl is leftover : How much HCl is leftover after the 20.0 mol of HCl reacts with the 12.5 mol of NaOH?

User Account

All Pages