P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014, when S had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of net assets were the same as recorded book values. During 2014, had income of $40,000, declared dividends of $15,000, On December 31, 2014, the Balance of investment in S inc amount in P Corporation books On December 31, 2014 if it used equity methods . Select one: a. 150,000 b. 150,500 c. 157,500 d. 147,500

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014, when S had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of net assets were the same as recorded book values. During 2014, had income of $40,000, declared dividends of $15,000, On December 31, 2014, the Balance of investment in S inc amount in P Corporation books On December 31, 2014 if it used equity methods . Select one: a. 150,000 b. 150,500 c. 157,500 d. 147,500
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