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Show a schedule to show the balance in hay investment

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Question - On January 1, 2018, Hay Co. paid $610,000 for 30% of the voting common stock of Joy Corp giving it the ability to exercise significant influence over the company. At the time of the investment, Joy had net assets with a book value and fair value of $2,000,000 (no difference existed between the two values). During 2018, Joy incurred a net loss of $75,000 and paid dividends of $110,000. Any excess cost over book value is attributable to goodwill with an indefinite life.

Required -

1. Show a schedule to show the amount of goodwill from Hay's investment in Joy.

2. Show a schedule to show the balance in Hay's investment account at December 31, 2018.

Reference no: EM133158935

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