On January 1, 2022, Halstead, Incorporated, purchased 79,000 shares of Sedgwick Company common stock for $1,402,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. Year 2022 2023 2024 Net Income $ 400,000 425,000 594,000 Annual Cash Dividends (paid quarterly) $ 131,000 135,000 163,000 On July 1, 2024, Halstead sells 12,640 shares of this Investment for $28 per share, thus reducing its Interest from 25 to 21 percent, but maintaining its significant Influence. Required: Determine the amounts that would appear on Halstead's 2024 Income statement relating to its ownership and partial sale of its Investment In Sedgwick's common stock. Answer is not complete. Total income accrual (no unearned gains) $136,620 gain on sale of shares

On January 1, 2022, Halstead, Incorporated, purchased 79,000 shares of Sedgwick Company common stock for $1,402,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. Year 2022 2023 2024 Net Income $ 400,000 425,000 594,000 Annual Cash Dividends (paid quarterly) $ 131,000 135,000 163,000 On July 1, 2024, Halstead sells 12,640 shares of this Investment for $28 per share, thus reducing its Interest from 25 to 21 percent, but maintaining its significant Influence. Required: Determine the amounts that would appear on Halstead's 2024 Income statement relating to its ownership and partial sale of its Investment In Sedgwick's common stock. Answer is not complete. Total income accrual (no unearned gains) $136,620 gain on sale of shares

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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