Karter company purchases 200 of the 1000 outstanding shares, Ask an Expert

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Karter Company purchases 200 of the 1,000 outstanding shares of Flynn Company's common stock for $180,000 on January 2, 2007. During 2007, Flynn Company declared dividends of $30,000 and reported earnings for the year of $120,000. If Karter Company used the equity method of accounting for its investment in Flynn Company, what should be its Investment account on December 31, 2007 ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9102374

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