Reference no: EM131830248
Problem -
K acquired the shares of S in stage as outlined below:
Date % Book Value Fair Value Cost
Jan 1, 2007 10% $1,000.000 $1,200,000 $130,000
Jan 1, 2008 20% 1,080,000 1,300,000 280,000
Jan 1, 20009 40% 1,170,000 1,400,000 600,000
S reported net income and dividends as follows:
Net income Dividends
2008 $250,000 $65,000
2009 110,000 65,0000
Required:
A. Prepare the journal entries to account for the investment in 2007, 2008 and 2009
B. Calculate the gain after the January 1, 2009 acquisiton.
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