Reference no: EM132596437
Question - Milani, Inc., aquired 10 percent of Seida Corporation on January 1, 2017, for $186,000 and appropriately accounted for the investment using the fair value method. On January 1, 2018, Milani purchased an additional 30 percent of Seida for $660,00 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,050,000 in total. Seida's January 1, 2018 book value equaled $1,900,000, although land was undervalued by $134,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $319,000 and declared and paid dividends of $116,000. Prepare the 2018 journal entries for Milani related to its investment in Seida.
1. Record acquisition of Seida stock.
2. Record income for the year:40% of the $319,000 reported income.
3. Record 2018 amortization for trademark excess fair value.
4. Record dividend declaration from Seida.
5. Record collection from investee.
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