Agee Corporation acquired a 35% interest in Trent Company on January 1, 2019, for $750,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2019, Trent paid cash dividends of $240,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2019 was $540,000. What is the balance in Agee’s equity investment account at the end of 2019?
Agee Corporation acquired a 35% interest in Trent Company on January 1, 2019, for $750,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2019, Trent paid cash dividends of $240,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2019 was $540,000. What is the balance in Agee’s equity investment account at the end of 2019?
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 8MC: Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde...
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Agee Corporation acquired a 35% interest in Trent Company on January 1, 2019, for $750,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2019, Trent paid cash dividends of $240,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2019 was $540,000. What is the balance in Agee’s equity investment account at the end of 2019?
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