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Boxwell Corporation purchased 60 percent of Conway Company on January 1, 20X7, for a total of $277,500. Conway reported the following operating results for the next three years:
Year
Net Income
Dividends Paid
20X7
$45,000
$25,000
20X8
$55,000
$35,000
20X9
$30,000
$10,000
On January 1, 20X7, Conway has $250,000 of $5 par common stock outstanding and retained earnings of $150,000. At that date, Conway held land with a book value of $22,500 and a market value of $30,000 and equipment with a book value of $320,000 and a market value of $360,000. The remainder of the purchase price was attributable to patents, which had a remaining economic life of 10 years. All depreciable assets held by Conway on the date of acquisition had a remaining economic life of six years.
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