Essay
Thomas Inc. had the following stockholders' equity accounts as of January 1, 2011:
Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2011, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over five years.
During 2011, Thomas reported earning $630,000 in net income and paid $504,000 in total cash dividends. Kuried used the equity method to account for this investment.
What was Kuried's balance in the Investment in Thomas Inc. account as of December 31, 2011?
Correct Answer:
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Correct Answer:
Verified
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