Matteson corporation acquired 30 percent of the outstanding

Reference no: EM13569901

Matteson Corporation acquired 30 percent of the outstanding common stock of O'Toole Company for $1,267,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $883,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2013, O'Toole reported net income of $323,000 and paid cash dividends of $55,000. At December 31, 2013, what should Matteson report as its investment in O'Toole under the equity method?

Reference no: EM13569901

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