Triton Holdings owns 40% of the voting common stock of Oceanic Solutions Inc. Triton uses the equity method to account for its investment. On January 1, Year 1, the balance in the investment account was $820,000. During Year 1, Oceanic Solutions reported a net income of $150,000 and paid dividends of $50,000. What is the balance in the investment account as of December 31, Year 1?

Triton Holdings owns 40% of the voting common stock of Oceanic Solutions Inc. Triton uses the equity method to account for its investment. On January 1, Year 1, the balance in the investment account was $820,000. During Year 1, Oceanic Solutions reported a net income of $150,000 and paid dividends of $50,000. What is the balance in the investment account as of December 31, Year 1?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20EA: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600...

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Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
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