For 2018, Sabil Corporation earned net income of $480,000 and paid dividends of $18,000. At January 1, 2018, Sabil had $200,000 of $10 par value common stock outstanding and $1,500,000 of
On January 1, 2018, Phyit Corporation bought outstanding common stock of Sabil paying $200,000. All payments made by Phyit in excess of book value were attributable to equipment, which is
Prepare Phyit’s general
1. Phyit purchased 10% of outstanding common stock.
2. Phyit purchased 20% of outstanding common stock.
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