Marin Inc., a public company, owns 20% of Dong Ltd's common shares for strategic purposes. The investment's carrying amount at January 1, 2024, is $299,200. During the year, Dong reported profit of $244,800 and paid a dividend of $16,200. The investment's fair value on December 31, 2024, Marin's year end, is $314,600. (a) Assuming Marin has significant influence over Dong, indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement. Equity Method Balance Sheet: Income Statement:

Marin Inc., a public company, owns 20% of Dong Ltd's common shares for strategic purposes. The investment's carrying amount at January 1, 2024, is $299,200. During the year, Dong reported profit of $244,800 and paid a dividend of $16,200. The investment's fair value on December 31, 2024, Marin's year end, is $314,600. (a) Assuming Marin has significant influence over Dong, indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement. Equity Method Balance Sheet: Income Statement:

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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