Please do not give solution in image format thanku On January 1, 2023, Integrity Co. paid $600,000 to acquire Accountability Corp. Integrity used the equity method to account for the investment. The following information is available for the assetsliabilities, and stockholders' equity accounts of Accountability:Current assetsLandBuilding (twenty-five year life)Equipment (ten year life)Current liabilitiesLong-term liabilities.Common stockAdditional paid-in capitalRetained earningsCAccountability earned net income for 2023 of $90,250 and paid dividends of $40,000 during the year. For 2023, what is the balance in Equity Income on Integrity's books?$89,150$86,550Book Value$95,00087,500265,000207,50020,00070,000136,500250,000178,500$90,250$91,350Fair Value$95,000118,500290,000186,50020,00070,000

The equity method is used for recording business combinations. This method records the share in…

On January 1, 2023, Integrity Co. paid $600,000 to acquire Accountability Corp. Integrity used the equity method to account for the investment. The following information is available for the asse liabilities, and stockholders' equity accounts of Accountability: Current assets Land Building (twenty-five year life) Equipment (ten year life) Current liabilities Book Value $95,000 87,500 265,000 207,500 20,000 70,000 136,500 250,000 178,500 $89,150 $86,550 $90,250 $91,350 Fair Value $95,000 118,500 290,000 186,500 20,000 70,000 Long-term liabilities Common stock Additional paid-in capital Retained earnings Accountability earned net income for 2023 of $90,250 and paid dividends of $40,000 during the year. For 2023, what is the balance in Equity Income on Integrity's books? *

On January 1, 2023, Integrity Co. paid $600,000 to acquire Accountability Corp. Integrity used the equity method to account for the investment. The following information is available for the asse liabilities, and stockholders' equity accounts of Accountability: Current assets Land Building (twenty-five year life) Equipment (ten year life) Current liabilities Book Value $95,000 87,500 265,000 207,500 20,000 70,000 136,500 250,000 178,500 $89,150 $86,550 $90,250 $91,350 Fair Value $95,000 118,500 290,000 186,500 20,000 70,000 Long-term liabilities Common stock Additional paid-in capital Retained earnings Accountability earned net income for 2023 of $90,250 and paid dividends of $40,000 during the year. For 2023, what is the balance in Equity Income on Integrity's books? *

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 19P

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