On January 1, 2013, Audrey Corp. paid $800,000 for 100,000 shares of Off Company’s common stock,… 1 answer below »
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On January 1, 2013, Audrey Corp. paid $800,000 for 100,000 shares of Off Company's common stock, which represents 40% of Off's outstanding common stock. Off reported net income of $200,000 and paid cash dividends of $60,000 during 2013. Audrey should report the investment in Off Company on its December 31, 2013, balance sheet at:
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