Business, 25.01.2020 02:31 kjdog03

On january 1, 2018, alamar corporation acquired a 40 percent interest in burks, inc., for $210,000. on that date, burks’s balance sheet disclosed net assets with both a fair and book value of $360,000. during 2018, burks reported net income of $80,000 and declared and paid cash dividends of $25,000. alamar sold inventory costing $30,000 to burks during 2018 for $40,000. burks used all of this merchandise in its operations during 2018. prepare all of alamar’s 2018 journal entries to apply the equity method to this investment.

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On january 1, 2018, alamar corporation acquired a 40 percent interest in burks, inc., for $210,000....

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