altima, inc. finished job a40 on the last working day of the year. it utilized $ 330 of direct materials and $ 2 comma 950 of direct labor. altima uses a predetermined overhead allocation rate based on direct labor costs, which has been fixed at 40%. the entry to record the completion of the job should involve a

On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?