Business, 05.05.2020 21:45 Tcareyoliver
Meyer Jewelers purchased 3,000,000 of the outstanding10,000,000 shares of Angel & Associates. Meyer has significant influence over Angel, so Meyer will account for this investment using the equity method. On the purchase date, Angel had net assets with a book value of $7,300,000 and a fair value of$8,000,000. The difference in fair value is a result of the higher fair value of equipment than it's book value. The remaining useful life of this equipment is 25 years. Assuming this investment was purchased on 1/1, which of the following is the correct journal entry to record the difference in net assets for this investment on 12/31?
A. Depreciation Expense 28,000 Accumulated Depreciation minus− Investment Assets 28,000
B. Income from Investment 8,400
Investment in Angel & Associates 8,400
C. Investment in Angel & Associates 8,400
Income from Investment 8,400
D. Depreciation Expense 28,000
Investment in Angel & Associates 28,000
Answers: 3
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Identifying transactions national park tours co. is a travel agency. the nine transactions recorded by national park tours during may 2019, its first month of operations, are indicated in the following t accounts: cash (1) 75,000 (2) 900 (7) 8,150 (3) 1,600 (4) 6,280 (6) 2,700 (9) 2,500 accounts receivable (5) 12,300 (7) 8,150 supplies (2) 900 (8) 660 equipment (3) 8,000 accounts payable (6) 2,700 (3) 6,400 beth worley, capital (1) 75,000 beth worley, drawing (9) 2,500 fees earned (5) 12,300 operating expenses (4) 6,280 (8) 660 indicate for each debit and each credit (a) whether an asset, liability, owner's equity, drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased account debited account credited transaction type effect type effect (1) (2) (3) (4) (5) (6) (7) (8) (9)
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Meyer Jewelers purchased 3,000,000 of the outstanding10,000,000 shares of Angel & Associates. Me...
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