On january 2 sharpe company purchases 30 of the 10000, Ask an Expert

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On January 2, Sharpe Company purchases 30% of the 10,000 outstanding shares of $10 par common stock of Barron Corporation at $30. Barron Corporation realizes net income of $50,000 and declares and pays cash dividends of $25,000 in the first year following acquisition by Sharpe Company.

1. The amount debited to Investment in Barron Corporation Stock is
2. Sharpe Company's share of the $50,000 of net income amounts to
3. Sharpe Company's share of the $25,000 of dividends amounts to
4. Sharpe Company's net change in its investment in Barron Corporation
account amounts to
5. The balance in the investment in Barron Corporation account on Sharpe Company's books is

6. Unrealized Gain or Loss on Trading Investments is reported on the .......

7. Debt and equity securities purchased with the objective of making a short-term profit are ........

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956737

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