FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On February 15, Jewel Company buys 6,900 shares of Marcelo Corporation at $28.64 per share. The stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment. On March 15, Marcelo Corporation declares a dividend of $1.16 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corporation stock on November 17 of the current year for $29.41 per share. The fair value of the remaining 3,450 shares is $29.61 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corporation is: Multiple Choice $2,126, $102,154, $198,066 $3,122 $5,565
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Transcribed Image Text:On February 15, Jewel Company buys 6,900 shares of Marcelo Corporation at $28.64 per share. The stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment. On March 15, Marcelo Corporation declares a dividend of $1.16 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corporation stock on November 17 of the current year for $29.41 per share. The fair value of the remaining 3,450 shares is $29.61 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corporation is: Multiple Choice $2,126, $102,154, $198,066 $3,122 $5,565
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