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Question - Agee Corporation acquired a 30% interest in Trent Company on January 1, 2018, for $490,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2018, Trent paid cash dividends of $170,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2018 was $356,000. What is the balance in Agee's equity investment account at the end of 2018?
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Mathews Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new bus cost $65,000, but Mathews was given a trade-in allowance of..
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