Canada bought 10% of the 200,000 common shares of Alberta Enterprises at a total cost of $13.00 per share on March 1st. On July 31st Alberta declared and paid a $75,000 cash dividend. On December 31st Alberta reported net income of $122,000 for the year and the market price of its shares was $15.00. What is the balance in the Investment in Alberta Enterprises account on Canada's books at December 31st assuming Canada follows IFRS and accounts for Alberta using the FVNI method? A.$252,500 B.$267,500 C.$300,000 D.$260,000

Canada bought 10% of the 200,000 common shares of Alberta Enterprises at a total cost of $13.00 per share on March 1st. On July 31st Alberta declared and paid a $75,000 cash dividend. On December 31st Alberta reported net income of $122,000 for the year and the market price of its shares was $15.00. What is the balance in the Investment in Alberta Enterprises account on Canada's books at December 31st assuming Canada follows IFRS and accounts for Alberta using the FVNI method? A.$252,500 B.$267,500 C.$300,000 D.$260,000

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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