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Business, 13.08.2019 02:10 lyly214

Puff co. acquired 40% of straw, inc.'s voting common stock on january 2, 2001 for $400,000. the carrying amount of straw's net assets at the purchase date totaled $900,000. fair values equaled carrying amounts for all items except equipment, for which fair values exceeded carrying amounts by $100,000. the equipment has a five-year life. during 2001, straw reported net income of $150,000. what amount of income from this investment should puff report in its 2001 income statement?

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Puff co. acquired 40% of straw, inc.'s voting common stock on january 2, 2001 for $400,000. the carr...
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