On January 1, 2023, Grouper Corporation purchased 30% of the common shares of Martz Limited for $201.000. Martz shares are nottraded in an active market. The carrying amount of Martz's net assets was $540,000 on that date. Any excess of the purchase cost overGrouper's share of Martz's carrying amount is attributable to unrecorded intangibles with a 20-year life. During the year, Martzearned net income and comprehensive income of $78,000 and paid dividends of $15,600. The investment in Martz had a fair value of$206,000 at December 31, 2023. During 2024, Martz incurred a net loss and comprehensive loss of $83,000 and paid no dividends. AtDecember 31, 2024, the fair value of the investment was $145,000 and the recoverable amount was $154,000. Assume that Grouperfollows IFRS.Illustrate how the statement of comprehensive income is affected in 2023. (Enter answers in alphabetical order)Net income will include theof $Aand theof $

Given in the Question: Grouper Corporation purchased 30% of Martz Limited for $201,000…

Answered: Illustrate how the statement of…

Illustrate how the statement of comprehensive income is affected in 2023. (Enter answers in alphabetical order) Net income will include the of $ and the of $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 18E

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