Business, 13.10.2021 17:30 khalilah2000ortbfy

On January 3, 2021, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole Company for $1,366,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $839,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2021, O’Toole reported net income of $325,000 and declared cash dividends of $45,000. On December 31, 2021, what should Matteson report as its investment in O’Toole under the equity method?

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On January 3, 2021, Matteson Corporation acquired 30 percent of the outstanding common stock of O’To...

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