12.9A (LO 6) AP On December 31, the capital balances and profit and loss ratios in FJA Company are as follows: Capital Balance $144,000 $ 59,300 $ 48,000 Partner H. Fang P. Jiang R. Antoni Instructions Journalize the withdrawal of Antoni under each of the following independent assumptions: a. Using personal funds, Jiang agrees to purchase Antoni's ownership interest for $58,000 cash. b. Antoni is paid $58,000 from partnership assets. Profit and Loss Ratio 60% 30% 10%

12.9A (LO 6) AP On December 31, the capital balances and profit and loss ratios in FJA Company are as follows: Capital Balance $144,000 $ 59,300 $ 48,000 Partner H. Fang P. Jiang R. Antoni Instructions Journalize the withdrawal of Antoni under each of the following independent assumptions: a. Using personal funds, Jiang agrees to purchase Antoni's ownership interest for $58,000 cash. b. Antoni is paid $58,000 from partnership assets. Profit and Loss Ratio 60% 30% 10%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 16 On January 1, 2024, Clor-Proell Enterprises bought 20% of the outstanding common stock of Chen Construction Company for $600 million cash. Chen's net income for the year ended December 31, 2024, was $300 million. During 2024, Chen declared and paid cash dividends of $60 million. Clor-Proell recorded the investment as follows: points PURCHASE General Journal ($ in millions) Debit Credit Investment in Chen Construction shares Cash 600 600 eBook NET INCOME Investment in Chen Construction shares (20% x $300 million) 60 Investment revenue 60 DIVIDENDS Hint Cash (20% x $60 million) 12 Investment in Chen Construction shares 12 Required: Print References What would be the pretax amounts related to the investment that Clor-Proell would report in its statement of cash flows for the year ended December 31, 2024? Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Cash outflows should be indicated with a minus sign. Operating activities $ 600 Investing activities…