Question

On july 1, 2018, tremen corporation acquired 40% of the shares of delany company. Tremen paid $3,030,000 for the investment, and that amount is exactly equal to 40% of the book value of identifiable net assets on delany's balance sheet. Delany recognized net income of $1,300,000 for 2018, and paid $150,000 of dividends each quarter to its shareholders. After all closing entries are made, tremen's "investment in delany company" account would have a balance of:

Answer 1

each at 11 per share. money was payable as follows: 3 on application, 4 allotment ( including premium) , 4 on first and final call. applications were received for 12000 shares and the directors made pro-rata allotment. mr. ahmad, an applicant for 120 shares, could not pay the allotment and call money and mr. basu, a holder of 200 shares, failed to pay the call. all these shares were forfeited. out of the forfeited shares, 150 shares ( the whole of mr. ahmad's shares

Answer 2

Answer:

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