On July 1, 2019, Tremen Corporation acquired 48% of the shares of Delany Company. Tremen paid OMR 200,000 for the investment, and that amount is exactly equal to 48% of the fair value of identifiable net assets on Delany's statement of financial position. Delany recognized net income of OMR 35,000 for 2019, and paid OMR 22,000 dividends to its shareholders. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of:      Select one: A. 216,800 B. 206,240 C. 200,000 D. 210,560

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On July 1, 2019, Tremen Corporation acquired 48% of the shares of Delany Company. Tremen paid OMR 200,000 for the investment, and that amount is exactly equal to 48% of the fair value of identifiable net assets on Delany's statement of financial position. Delany recognized net income of OMR 35,000 for 2019, and paid OMR 22,000 dividends to its shareholders. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of: 


 

 

Select one:
A.
216,800
B.
206,240
C.
200,000
D.
210,560
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