1 answer

5 points Save Answe On July 1, 2021. Tremen Corporation acquired 45% of the shares of...

Question:

5 points Save Answe On July 1, 2021. Tremen Corporation acquired 45% of the shares of Delany Company Tremen paid $3,040,000 f
5 points Save Answe On July 1, 2021. Tremen Corporation acquired 45% of the shares of Delany Company Tremen paid $3,040,000 for the investment, and that amount is exactly equal to 15% of the book value of identifiable net assets on Delany's balance sheet Delany recognized net income of $1,100,000 for 2021, and paid $170,000 of dividends each quarter to its shareholders. Aiter all closing entries are made for the year ended December 31, 2021. Tremen's Investment in Delany Company account would have a balance of 53.287.500 $3.724 000 $3.134.500 $3,458,500

Answers

Calculate ending balance of investment

Beginning balance 3040000
Add: Net income (1100000*45%) 495000
Less: Dividend (170000*45%) -76500
Ending balance 3458500

So answer is d) $3458500

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