Business, 03.03.2020 03:00 jsndbdbsbsj

On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $927,000 in cash and stock options. At the acquisition date, NetSpeed had a common stock of $970,000 and Retained Earnings of $48,500. The acquisition-date fair value of the 10 percent noncontrolling interest was $103,000. QuickPort attributed the $11,500 excess of NetSpeed's fair value over book value to a database with a five-year remaining life.
During the next two years, NetSpeed reported the following:

Income Dividends
2017 $80,000 $8,000
2018 115,000 8,000

On July 1, 2017, QuickPort sold communication equipment to NetSpeed for $42,000. The equipment originally cost $48,000 and had accumulated depreciation of $9,000 and an estimated remaining life of three years at the date of the intra-entity transfer.
Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2017.

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On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpee...

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