CPA MCQ
Accounting Chapter 17
Myers Co. acquired a 60% interest in Gannon Corp. on December 31, 2010 for $945,000. During 2011, Gannon had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2011, the balance in the investment account should be
Myers Co. acquired a 60% interest in Gannon Corp. on December 31, 2010 for $945,000. During 2011, Gannon had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2011, the balance in the investment account should be
Myers Co. acquired a 60% interest in Gannon Corp. on December 31, 2010 for $945,000. During 2011, Gannon had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2011, the balance in the investment account should be
a. $945,000.
b. $1,305,000.
c. $1,215,000.
d. $1,395,000.
Answer: C
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