Business, 10.03.2020 00:43 womankrush538
Ravine Corporation purchased 30 percent ownership of Valley Industries for $92,700 on January 1, 20X6, when Valley had capital stock of $253,000 and retained earnings of $56,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $11,000 each year. The following data were reported by the companies for the years 20X6 through 20X9:
Year Operating Income, Ravine Corporation Net Income, Valley Industries Dividends Declared Ravine Dividends Declared Valley
20X6 $140,000 $30,000 $70,000 $20,000
20X7 80,000 50,000 70,000 40,000
20X8 220,000 10,000 90,000 40,000
20X9 160,000 40,000 100,000 20,000
Required:
a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment using the cost method and the equity method?
b. Give all appropriate journal entries for 20X8 that Ravine made under the cost method.
Answers: 2
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