Question

Philly paid $ 200,000 for 90% interest in Silly Inc. On January 1, 2014, when Silly had a capital stock of $ 50,000 and retained earnings of $ 100,000. The fair values ​​of the identifiable net assets were the same as the carrying values ​​recorded. During 2014, Silly had income of $ 110,000, dividends declared of $ 40,000, and paid out $ 20,000 of dividends. What amount should be reported in a Philly's Investment in Silly account on December 31, 2014?

Answer 1

Answer:

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Explanation:

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