The balance in riney''s investment in garvin co

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Reference no: EM13959127

On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances:

The balance in Riney's Investment in Garvin Co. account was $552,000, and the non-controlling interest was $138,000. On January 1, 2011, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share. Riney did not acquire any of these shares.
What is the balance in Investment in Garvin Co. after the sale of the 10,000 shares of common stock? Please provide detailed calculation.

a. $552,000.

b. $560,000.

c. $460,000.

d. $404,000.

e. $672,000.

Reference no: EM13959127

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The balance in riney''s investment in garvin co : The balance in Riney's Investment in Garvin Co. account was $552,000, and the non-controlling interest was $138,000. On January 1, 2011, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share.

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